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Oil prices traded higher on concerns over a disruption to oil supplies support due to fights in Yemen. Saudi Arabia resumed airstrikes against the Iran-allied Houthi rebels in Yemen.
Speculation that China could add further stimulus measures also supported oil prices. Today's release of the weaker-than-expected Chinese HSBC manufacturing Purchasing Managers' Index (PMI) added to this speculation. The index declined to 49.2 in April from 49.6 in March, missing expectations for a decrease to 49.4.
The U.S. Energy Information Administration (EIA) reported on Wednesday that U.S. crude oil inventories increased by 5.3 million barrels last week.
WTI crude oil for June delivery rose to $57.92 a barrel on the New York Mercantile Exchange. Brent crude oil for June increased to $64.96 a barrel on ICE Futures Europe.
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