NEW YORK, May 16 (Xinhua) -- Oil prices traded higher on Wednesday after a U.S. crude oil report showed the country's crude stocks continued to decline.
U.S. crude oil inventories decreased in the week ending May 11, and the refining sector increased 149,000 barrels per day, the U.S. Energy Information Administration (EIA) said in its Weekly Petroleum Status Report on Wednesday.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 1.4 million barrels during the week ending May 11.
At 432.4 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year, the report said.
Analysts said the EIA's latest weekly petroleum report has fueled the bullish sentiment on the oil market, adding that geopolitical concerns, tightening product inventories and robust demand would continue to provide support for prices.
The West Texas Intermediate for June delivery rose 0.18 U.S. dollar to settle at 71.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 0.85 dollar to close at 79.28 dollars a barrel on the London ICE Futures Exchange.
