Oil rises to near one-month high on supply tightening

Oil rose to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply cut at a field in the United Kingdom’s North Sea that feeds into an international benchmark price.
Brent crude futures, the international benchmark for oil, were at $54.52 per barrel, up 35 cents, or 0.65 per cent, from their last close.
US West Texas Intermediate crude futures were up 33 cents, or 0.65 per cent, at $51.35 a barrel.
Both benchmarks on Wednesday hit their highest levels since March 8.