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Oil prices rise on bigger than expected drop in U.S. crude stocks

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Energy News

Oilprice

Brent futures rose 41 cents to $85.49 a barrel by 0819 GMT, while U.S. West Texas Intermediate crude was up 69 cents to $83.54

Oil prices extended gains on Thursday, buoyed by a bigger than expected decline in crude stocks in the United States, the world’s largest oil consumer.

“Healthy demand signals from the U.S. outweigh concerns from modest Chinese growth last week,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. Federal Reserve officials said on Wednesday that the U.S. central bank is closer to cutting rates given inflation’s improved trajectory and a labour market in better balance, possibly setting the stage for a reduction in September.

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