U.S. commercial crude oil inventories decreased by 5.9 million barrels to 492.4 million barrels.

Brent rose 85 cents, or 1.3%, to $64.52 a barrel. WTI added 82 cents, or 1.4%, to $61 a barrel.

In 2021, world oil demand growth is expected to increase by about 6.0 mb/d y-o-y, representing an upward revision of about 0.1 mb/d from last month’s report.

Higher prices are buoying drillers’ confidence. Benchmark Nymex oil gained nearly 35% in the past four months after OPEC and its alliance cut production to strike a balance between demand and supply. The fossil fuel is also getting a bump as Covid-19 vaccinations progress and Americans travel again, boosting gasoline consumption.

Brent were up 37 cents, or 0.6%, at $63.65 a barrel. WTI gained 32 cents, or 0.5%, to $60.02 a barrel.

The two leaders are to hold broad talks on steps to further improve bilateral relations and to chair the first meeting of the Turkey-Libya High Level Strategic Cooperation Council.

Brent was up 2 cents at $62.97 a barrel. WTI gained 1 cent to $59.49 a barrel.

With the production gains, OPEC+ compliance with its quotas slipped to 111% in March, compared with 113.5% in February, juiced by Saudi Arabia voluntarily cutting an additional 1 million b/d since January.

Removing this specific tax measure could generate US$13bn over 10 years. Overall, eliminating fossil fuel subsidies could increase government receipts by US$35bn over 10 years.

U.S. Rig Count is up 2 from last week at 432, Canada Rig Count is down 11 from last week to 58