Crude oil prices settled higher as expectations for reduced global supplies following U.S. sanctions on Iran offset concerns over rising U.S. crude output.
OPEC data showed that oil inventories in OECD industrialised nations in March fell to 9 million barrels above the five-year average.
U.S. crude prices are at the steep discount to Brent as a more than 25 percent rise in U.S. crude production to 10.7 mbpd has left the American market well supplied.
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