NEW YORK- Oil prices jumped more than $1 a barrel, closing out the month higher on the prospect of OPEC+ staying the course on production cuts, ongoing attacks on Russia’s energy infrastructure and a falling US rig count tightening crude supplies.
Brent crude futures for May settled at $87.48 a barrel, its highest level since Oct. 27, after gaining $1.39, or 1.6 percent . The more actively traded June contract settled at $87 a barrel, rising $1.58, with the May contract expiring on Thursday.
US West Texas Intermediate (WTI) crude futures for May delivery settled at $83.17 a barrel, rising $1.82, or 2.2 percent .
On the week, Brent rose 2.4 percent and WTI gained about 3.2 percent . Both benchmarks finished higher for a third consecutive month.
In the prior session, oil prices had come under pressure from last week’s unexpected rise in US crude oil and gasoline inventories, driven by an increase in crude imports and sluggish gasoline demand, according to Energy Information Administration data.
However, the crude stock increase was smaller than the build projected by the American Petroleum Institute, and analysts noted the increase was lower than expected for the time of year.
“We … expect US inventories to rise less than normal in reflection of a global oil market in a slight deficit,” SEB analyst Bjarne Schieldrop said. “This will likely hand support to the Brent crude oil price going forward.”
