Mubasher: Oil prices saw significant increase at the end of Wednesday’s trade, as Nymex reached its highest level in two years, after data revealed a decline in US oil stockpiles.

Nymex futures for January delivery rose by 2.1% to the level of $58.02 per barrel, for the first time since the end of June 2015.

Brent crude registered a 1.11% rise, and is now trading near at $63.27 per barrel.

Data showed a decline in US oil inventories by 1.9 million barrels last week, exceeding expectations.

Meanwhile, a report by Baker Hughes showed a rise in American oil rigs by 9 to a total of 747 rigs.

Investors are anticipating the next summit for the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC major producers including Russia, which will be held in Vienna on 30 November.

The output cut agreement, which expires in March 2018, is expected to be extended during the OPEC meeting.