Oil prices have pushed higher after US crude inventories declined by 3.3 million barrels suggesting the supply glut may finally be easing.

The Energy Information Administration said total US stocks fell to 462. million barrels. Another gauge of oil stocks, Cushing Oil Inventories, fell to 56.54 million barrels of oil down from 57.04.

Total US oil stocks peaked in March at 535.5 million barrels and the fall in inventories has been accompanied by a drop in the Baker Hughes.

The North American Rig Count peaked at 958 in July of this year after increasing from a low of 404 in June 2016

WTI Oil prices are up over 2% from lows of $46.62 printed 17th August.