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Brent crude prices were down 4 cents at $56.54 a barrel by 1032
GMT. Prices rose to a session high of $57.42 a barrel earlier in
the session, the highest since Feb. 24.
The next milestone for Brent prices is a rise above $60, a level
not seen since late January 2020.
U.S. West Texas Intermediate (WTI) was up 3 cents at $53.24,
after hitting a session high of $53.93, its highest since Feb.
20.
"The optimistic mood among investors, coupled with positive
signs on the supply and demand sides, is ... lending support,"
Commerzbank said.
Crude stocks in the U.S. dropped by 5.8 million barrels last
week to around 484.5 million barrels, data from the American
Petroleum Institute showed late on Tuesday. [API/S]
That was far more than analysts' expectations in a Reuters poll
for a fall of 2.3 million barrels.
Official Energy Information Administration inventory data is
expected later on Wednesday.
Saudi Arabia cut supplies of crude for February loading for at
least three Asian buyers while meeting requirements of at least
four others, several refinery and trade sources told Reuters on
Wednesday.
But rising COVID-19 death tolls in Europe and the United States
and fresh virus containment measures elsewhere weighed on
prices.
China recorded the biggest daily jump in COVID cases in more
than five months, despite four cities in lockdown, increased
testing and other measures aimed at preventing another wave of
infections in the world's second biggest economy.
(Additional reporting by Aaron Sheldrick in TOKYO; Editing by
Kim Coghill)
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