2019.11.1410:15:00UTC+00Oil Prices Climb On Inventory Decline

Oil prices rose around 1 percent on Thursday after industry data showed a surprise drop in U.S. crude inventories and OPEC said it sees a potential reduction in supply from outside of the group.

Benchmark Brent crude climbed 1.2 percent to $63.12 per barrel, while U.S. crude futures were up 1 percent at $57.68.

The American Petroleum Institute reported late Wednesday that U.S. crude supplies fell by 541,000 barrels for the week ended Nov. 8, against analysts' expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased.

The API data was released a day later than usual because of Monday's Veterans Day holiday.

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo reportedly said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States shale.