Oil prices rose on Wednesday with Brent crude futures increasing by 0.5% or 45 cents to $85.39 a barrel, while West Texas Intermediate U.S. crude was up 0.5% or 40 cents to $81.11 a barrel, according to market data at 0352 GMT. The gains were reportedly fueled by an industry report that showed a decline of approximately 4.3 million barrels in U.S. crude stocks in the week ended March 31. The official inventory report from the U.S. Energy Information Administration was scheduled for release at 1430 GMT on Wednesday.

In addition to the anticipated inventory declines, the latest production cut targets by the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, also provided support for the price increase. According to Edward Moya, an analyst at OANDA, "Energy traders are still digesting the OPEC+ surprise production cut and any news that suggests the oil market will remain even tighter is going to send prices even higher."