Oil prices rise after U.S. crude stocks draw


Oil prices rise after U.S. crude stocks draw

Oil prices rose on Thursday following a drawdown in U.S. crude inventories, but gains in fuel inventories and persistent concerns over the global economy and future demand outlook capped gains. Brent crude futures climbed 27 cents, or 0.5%, to $60.57 a barrel by 0051 GMT on Thursday.

West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.6%, to $56.03 per barrel. U.S. crude inventories fell more than expected last week as refineries hiked production, but gasoline and distillate stockpiles showed bigger-than-expected builds, the Energy Information Administration said on Wednesday.

Crude inventories USOILC=ECI fell by 2.7 million barrels in the week to Aug. 16, compared with analysts’ expectations for a drop of 1.9 million barrels. Read more

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