Oil prices ticked up in early Asian trade on Wednesday after rising over 1% in the previous session, as markets worried about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year.

US Strategic Petroleum Reserves is running low just below 400mil barrel as of now. Market witnessed large withdrawal of crude oil by US refineries seen as demand is tightening (short supply) in US and this will continue until the end of this year.

Brent crude futures BRN1! rose by 14 cents to $90.18 a barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI)
CL1! futures gained 12 cents at $86.81 a barrel. - Reuter