London — Oil prices edged higher on Thursday, supported by a sharp decline in US crude stocks and a weaker dollar, though gains were capped by an Opec+ decision to stick to its policy of only gradual increases to output.
US crude inventories dropped by 7.2-million barrels last week, the Energy Information Administration said on Wednesday. “Crude oil processing will probably take considerably longer to recover from the outages than crude oil production, which suggests that crude oil stocks will increase in the coming weeks,” said Commerzbank analyst Carsten Fritsch.