Oil climbs amid speculations on declining U.S. stocks - BBG

A recent report by Bloomberg News suggests that oil prices are rising on forecasts that U.S. crude inventories have dropped from a record high as refineries boosted operating rates.

According to a Bloomberg News survey, analysts that participated expect the Energy Information Administration report to record a stock drop of 700,000 barrels for the previous week. The survey also highlights that OPEC output fell by 200.000 barrels a day in March, helped by cuts in Nigeria and Libya that aren’t part of a production-curbing agreement.

The recent statements from OPEC Secretary-General Mohammad Barkindo also suggested that the market is already rebalancing even as the number of active oil rigs in the U.S. rose to the highest since September 2015 and Libya was said to restore production.