Crude oil prices have risen following a decline in US oil production to its lowest level since November 2014.
Brent futures increased 18 cents to $37.25 a barrel, while the US crude futures rose 20 cents to $34.77 a barrel, Reuters reported.
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Data published by the US Government’s Energy Information Administration revealed that last week, crude inventories in the country increased to 517.98 million barrels, while output declined to 9.08 million barrels a day.
The increase in inventories was almost three times more than the 3.6 million-barrel increase estimated by analysts.
A fall in output is providing support to oil prices.
OptionsXpress market analyst Ben Le Brun said investors are watching for key US economic data for further direction.
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By GlobalDataThe fall in US production will stimulate a 1.5% decline in oil supply by non-OPEC members in 2016.
Phillip Futures told the news agency: "With the recent strong US economic data, it is very unlikely that non-farm payrolls would underperform. We expect this to give markets more confidence in the US economy."
Supply by non-OPEC members is expected to come down by 850,000 barrels a day in 2016, with 760,000 barrels cut from production in the US.
