Oil prices extended gains to trade at levels not seen in 3 months on Wednesday, amid easing oversupply concerns after API data showed crude stocks in the US fell by 483K barrels in the latest week and inventories at Cushing, Oklahoma, dropped by 2.2 million barrels. Also, OPEC and its allies are seen extending current record output cut of 9.7 million barrels per day beyond June when they meet tomorrow. On the demand side, signs of a recovery in fuel consumption as several countries continue to lift lockdown restrictions pushed prices higher. WTI futures traded above $37.8 a barrel and Brent crude was above $40.3 a barrel, the highest since March 6th.
