Oil rises to near 1-month high on supply tightening

crude oil prices

Oil rose to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply cut at a field in the United Kingdom’s North Sea that feeds into an international benchmark price.

Brent crude futures, the international benchmark for oil, were at 54.52 dollars  per barrel, up 35 cents, or 0.65 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.65 per cent, at 51.35  dollars a barrel.

Both benchmarks on Wednesday hit their highest levels since March 8.