Oil prices rose after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.02 per barrel at 0100 GMT, up 52 cents, or 0.9 percent, from their last settlement. International Brent crude futures were at $65.55 per barrel, up 34 cents, or 0.5 percent from their last close.
Crude prices might trade higher as OPEC and its allies will continue the supply cuts even after pressure from US President Trump. On the MCX, oil prices are expected to trade higher today, international markets are trading higher by 0.90 percent at $56.0 per barrel.