Crude oil prices moved higher on Thursday, amid concerns the sanctions on Iran from November may result in supply shortage in the market.
Data released by the U.S. Energy Information Administration on Wednesday showed an unexpected increase in U.S. crude stockpiles.
Meanwhile, the U.S. Energy Secretary Rick Perry has reportedly said that the U.S. will not open up its strategic petroleum reserves or put a cap on prices.
After a meeting last Sunday, OPEC members and top non-OPEC oil producers said they were in no rush to increase output.
Crude oil futures for November delivery ended up $0.55, or 0.8%, at $72.12 a barrel. On Wednesday, oil futures ended down $0.71, or about 1%, at $71.57 a barrel.
The report from EIA said crude supplies in the U.S. unexpectedly increased in the week ended September 21, rising by nearly 1.9 million barrels. Analysts were expecting a drop of over 2 million bar. The report said U.S. crude
production hit a record 11.1 million bpd in the week.
The EIA report revealed gasoline stockpiles to have risen 1.5 million barrels last week. It said distillate stockpiles fell by 2.2 million barrels in the week.
Last week, U.S. President Donald Trump had called on OPEC members and top oil producers Russia and Saudi Arabia to increase output to make up for the loss of Iranian oil.
However, the meeting of the Organization of the Petroleum Exporting Countries and non-OPEC members including Russia, over the weekend, ended with no formal recommendation for any additional supply boost.