Oil prices near 2016 high

Reuters

Singapore

Oil futures were trading near 2016 highs on Wednesday, as supply disruptions and output cuts continued to tighten the market, although traders cautioned that high global crude inventories were still weighing on prices.

International Brent crude futures LCOc1 were trading at $49.36 per barrel at 0644 GMT, 8 cents above their last settlement.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were 11 cents higher at $48.42 a barrel.

Both contracts remained near their 2016 highs of $49.75 and $48.76 per barrel respectively, hit during intra-day trading the previous day.

"With oil continuing to suffer from supply disruptions ... EIA inventory data will be key to price action.  Any further decline in stockpiles could see oil's run higher continue," ANZ bank said.