Oil prices rise after big draw in U.S. crude, gasoline stocks
Oil prices rose on Thursday, rebounding from early losses after U.S. government data showed a much bigger drop than expected in crude and gasoline inventories.
Still, Brent prices remained about $3 a barrel below Monday’s close, as traders remained worried that global crude supplies might swell following the collapse that day of negotiations between the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.
Brent crude oil futures gained 0.94% to settle at $74.12 per barrel, and U.S. West Texas Intermediate futures rose 1.02% to settle at $72.94 per barrel.
Early in the session, both contracts fell to their lowest in about three weeks.
U.S. crude inventories fell by 6.9 million barrels last week to 445.5 million barrels, Energy Information Administration data showed. Analysts had expected a 4 million-barrel drop.
Gasoline stocks fell by 6.1 million barrels in the week to 235.5 million barrels, the EIA said. Analysts had forecast a 2.2 million-barrel drop.
Reference: CNBC
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