NEW YORK, March 30 (Xinhua) -- Oil prices climbed on Wednesday after data showed a larger-than-expected drop in U.S. crude stockpiles.
The West Texas Intermediate for May delivery added 3.58 U.S. dollars, or 3.4 percent, to settle at 107.82 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased 3.22 dollars, or 2.9 percent, to close at 113.45 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) reported on Wednesday that the nation's crude inventories decreased by 3.4 million barrels during the week ending March 25. Analysts polled by S&P Global Commodity Insights had expected the EIA publications to show a fall of 1.7 million barrels in crude inventories.
According to the EIA, total motor gasoline inventories increased by 0.8 million barrels last week, while distillate fuel inventories increased by 1.4 million barrels.
Traders are also waiting for a key meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, as the group is set to meet on Thursday to discuss its strategy on oil output.
"The pronounced price slide, which has exceeded 10 percent for a time this week, has made it even less likely that OPEC+ will decide at its meeting tomorrow to step up its production to a greater extent," Carsten Fritsch, energy analyst at Commerzbank Research, said Wednesday in a note.
As of Wednesday, the U.S. crude standard and Brent fell 5.3 percent and 6 percent, respectively, for their week-to-date returns. ■