India, March 26 -- Oil prices moved higher on Wednesday on supply concerns after data showed a sharp drop in U.S. crude oil inventories in the week ended March 21st.
Renewed efforts from the U.S. to limit Venezuelan and Iranian oil exports also boosted prices.
West Texas Intermediate Crude oil futures for May closed up $0.65 or about 0.94% at $69.65 a barrel.
Brent crude futures settled at $73.79 a barrel, gaining $0.77 or about 1.05%.
Data from the Energy Information Administration (EIA) said crude oil inventories tumbled by 3.3 million barrels last week after climbing by 1.7 million barrels in the previous week.
At 433.6 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year,...