West Texas Intermediate (WTI) crude oil closed higher on Thursday after US oil inventories less than expected..

WTI crude for April delivery closed up US$0.70 to settle at US$78.61 per barrel, while April Brent crude, the global benchmark, was last seen up US$0.57 to US$83.60.

Prices fell early after the the American Petroleum Institute reported US oil inventories rose by 7.2-million barrels last week, above the 4.3-million barrel consensus estimate, However official data from the Energy Information Administration showed a rise of only 3.5-million barrel, while gasoline and distillate inventories dropped.

Prices are also being supported by geopolitical risk, after Yemen's Houthi militants promised to increase attacks on Red Sea shipping and said they also now have submarine weapons, according to a Reuters report.

Source: MT newswires