— This is the script of CNBC's news report for China's CCTV on April 16, Thursday.
U.S. oil closed at its highest level of the year on Wednesday after a lower than expected build of crude oil stocks in the United States.
Crude inventories rose by 1.29 million barrels to 483.69 million barrels in the week to April 10, the U.S. Energy Information Administration said on Wednesday, against a forecast of a 4.1 million barrel rise from a Reuters survey of analysts.
U.S. crude oil futures closed up $3.10, or 5.8 percent, at $56.39 a barrel. That was the highest closing level since December 23, and its fourth best day for this year.
Meanwhile, May Brent crude futures were up $1.60 at $60 per barrel.
Prices were also supported by uncertainty in the Middle East, where fighting continues in Yemen. A Saudi-led campaign of air strikes against Iran-allied Houthi rebels threatened to turn into a ground intervention after Egypt said it had discussed military maneuvers with Saudi Arabia and other Gulf allies.
In the United States, North Dakota's February oil production fell 15,000 barrels per day versus January, although the number of producing wells hit a record high.
That followed an EIA report forecasting U.S. shale production would fall by 45,000 bpd to 4.98 million bpd in May, which would be the first monthly decline in four years.
Analysts from Fitch said, oil price could recover to $70 per barrel by year end.
However, others say, as volatility is the theme of this year's oil market,
this surge might just be one of the short-term ups-and-downs that we've been seeing since the beginning of this year.
And don't forget, rising OPEC supplies and the Iran deal are still weighing on the market.
CNBC's Qian Chen, reporting from Singapore.
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