Global Oil Prices Rise

Global oil prices edged higher on Thursday as larger-than-expected declines in U.S. crude and fuel inventories boosted expectations of steady demand.

According to Bloomberg, Brent crude futures rose 13 cents to $66.97 per barrel, following a 1.6% gain in the previous session, while U.S. West Texas Intermediate (WTI) futures increased 15 cents to $62.86 per barrel after a 1.4% rise the day before.

The U.S. Energy Information Administration reported Wednesday that crude inventories fell by six million barrels last week to 420.7 million barrels, surpassing analysts’ expectations of a 1.8 million-barrel decline.

Gasoline stocks also dropped 2.7 million barrels, versus forecasts of a 915,000-barrel draw, reflecting strong driving demand during the summer travel season.اضافة اعلان