Global oil prices up on decline in US crude inventories

World old prices continued their upward movement on Thursday morning, with investors assessing data on a substantial decline in US crude inventories.

Report informs that Brent's April futures grew by 0.01% to $91.56 per barrel, and March futures for WTI gained 0.06%, settling at $89.71.

US Energy Department said on Wednesday evening that commercial oil stocks dropped by 4.8 million barrels in the week ended February 4, against expected growth of 0.4 million barrels. Gasoline inventories plunged by 1.6 million barrels against the expected growth of the same amount.

Oil is trading against a stronger-than-expected increase in inventories decline, analysts told The Wall Street Journal.

Traders are waiting for the OPEC report to be released later in the day.