Oil rises as draw in US crude stocks signals firm demand
Ammon News - Oil prices inched higher on Thursday, extending gains from the previous day as a larger-than-expected draw in U.S. crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East.
Brent crude futures rose 53 cents, or 0.8%, to $68.21 a barrel by 0630 GMT. U.S. West Texas Intermediate (WTI) crude gained 56 cents, or 0.9%, to $65.48 a barrel.
Both benchmarks climbed nearly 1% on Wednesday, recovering from early-week losses after data showed resilient U.S. demand.
"Some buyers are favouring solid demand indicated by falling inventories in U.S. weekly statistics," said Yuki Takashima, economist at Nomura Securities.
"But investors remain nervous, seeking clarity on the status of the Iran-Israel ceasefire," he said, adding that market attention is now shifting to OPEC+ production levels.
U.S. crude oil and fuel inventories fell in the week to June 20 as refining activity and demand rose, the Energy Information Administration (EIA) said on Wednesday.
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