Oil prices 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 markets.
International Brent crude futures were trading at $49.31 per barrel at 0047 GMT, 3 cents above their last settlement, while U.S. West Texas Intermediate crude futures were unchanged at $48.31 a barrel.
