Oil continues to rise on expectation of increased stocks

Crude oil prices continue to rise ahead of data expected to show that inventories are falling in the US sector report. Oil prices are trading near their highest levels since January. The price of a barrel of West Texas Intermediate crude is hovering around $81 after rallying 2.2 percent yesterday. The American Petroleum Institute is expected to show that oil inventories in Cushing, Oklahoma, a major oil region, fell by 1.4 million barrels last week. Oil prices rose from a 15-month low in March following the OPEC+ decision to cut production. Warren Peterson, commodity strategist at ING Groep in Singapore, said, "Oil is being supported by expectations that markets will tighten following the OPEC+ decision. However, all eyes will be on US inflation data today. An upward surprise could be negative for risk assets." The price of a barrel of US Intermediate crude for May delivery is trading 0.1 percent higher at $81.57, while Brent crude for June delivery is trading 0.1 percent higher at $85.68.