LONDON, March 13: Oil prices ticked higher on Wednesday, regaining $24 a barrel, as figures from the United States signalled another drop in reserves of crude-based products.

A barrel of Brent North Sea crude for April delivery rose 43 cents to $24.13 in early deals here, flirting with new six-month high points.

In New York overnight, the April light sweet crude contract fell 11 cents to 24.20 dollars a barrel on Tuesday.

Crude prices have rallied strongly in recent sessions, providing a healthy backdrop to this week’s meeting of Opec energy chiefs in Vienna.

Analysts pointed to dwindling US crude and product reserves, as flagged Tuesday by the American Petroleum Institute (API), as the main factor behind Wednesday’s gains.—AFP