Mubasher: Oil futures settled higher on Wednesday, marking its highest level since 31 October.

May Nymex WTI rose $0.63, or 1%, to close at $64.61 per barrel.  

The Energy Information Administration (EIA) reported that US crude oil stockpiles climbed by 7 million barrels to 456.5 million barrels in the week ended 5 April.

OPEC’s production dropped by 534,000 barrels per day (bpd) last March to 30.022 million bpd, compared with February, according to independent sources, cited by the group in its Oil Market Report (OMR).