Crude oil prices increased on Thursday despite Saudi Arabia and its Gulf Arab allies launching a military operation in Yemen, including airstrikes.
Saudi Arabia and its Gulf Arab allies launched a military operation involving air strikes in Yemen against Houthi fighters who have tightened their grip on the southern city of Aden where the country's president had taken refuge, the Saudi envoy to Washington said on Wednesday.
Iraq supports OPEC's policy of defending the group's market share by keeping oil production steady, an Iraqi parliamentary oil official said on Wednesday, despite pressure on the Arab state's budget.
The developments in Yemen offset relatively soft inventory data released on Wednesday afternoon. In its weekly report, the EIA said that U.S. crude inventories for the week ending March 20, increased by 8.2 million barrels from the previous week.
The increase pushed U.S. crude inventories to 466.7 million barrels, its highest level in 80 years. By comparison, inventories rose 9.6 million barrels for the week ending on Mar. 13.
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