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Oil rises amid expectations of lower US inventories
Oil prices rose in Wednesday's trading, after expectations of a decline in US oil inventories, as well as news of the possibility of extension of the agreement to reduce production.
The US Petroleum Institute announced on Tuesday its estimates of a decline in oil stocks in the United States to 428 million barrels last week, ending April 13.
US crude inventories are expected later today, from the US Energy Information Administration.
Bakhit al-Rashidi, Kuwait's oil minister, said the extension of the production reduction agreement would be discussed later this year at the OPEC meeting and independent producers in June.
By 0550 GMT, London Brent crude futures for June delivery rose 0.54 percent, or 39 cents, to $ 71.97.
US crude futures for May delivery rose 0.56 percent, or 37 cents, to $ 66.89 a barrel. Finished
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