Oil prices edged higher on Wednesday, supported by ongoing OPEC-led supply cuts and a surprise fall in U.S. crude inventories, although gains were capped by strong U.S. production.
Brent crude futures were at $71.71 a barrel at 0500 GMT, up 9 cents, or 0.1 percent, from their last close and not far off Wednesday's five-month high of $72.27 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were at $63.81 per barrel, up 5 cents, or 0.1 percent.
U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) showed on Wednesday.
"The fundamental backdrop for oil prices remains broadly positive amidst tighter global supply for the current term." said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.
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