03.04.201906:52:00UTC+00Oil Extends Gains For Fourth Day

Oil prices rose for a fourth straight session on Wednesday, as output cuts by OPEC plus group as well as U.S. sanctions against Iran outweighed industry data showing an unexpected rise in U.S. inventories last week.

Benchmark Brent crude rose half a percent to $69.69 a barrel, while U.S. West Texas Intermediate crude futures were up 0.2 percent at $62.69 a barrel.

A Reuters survey found earlier this week that OPEC's oil production in March 2019 fell to its lowest level since February 2015.

The combined production of all 14 OPEC members fell by 280,000 bpd from February, marking the lowest level of OPEC production since February four years ago, according to the survey.

Speculation over additional U.S. sanctions against Iran and reports about Venezuela halting operations at a key crude terminal also contributed to the rise in oil prices.

Meanwhile, the American Petroleum Institute on Tuesday said U.S. crude oil inventories rose by 3 million barrels last week.

Official numbers from the U.S. Department of Energy are due out later in the day.