SULAIMANI (ESTA) — Oil prices edged higher on Thursday to extend several consecutive days of gains, buoyed by data showing U.S. fuel demand holding up well.
Brent crude futures rose 15 cents to $79.38 a barrel by 0549 GMT, up for a fourth day.
U.S. West Texas Intermediate (WTI) crude futures jumped 12 cents to $76.68 per barrel for a seventh session of gains.
“Oil prices edged higher overnight thanks to larger-than-expected falls in U.S. crude and gasoline inventories and receding virus nerves,” Reuters quoted senior market analyst at brokerage OANDA Jeffrey Halley as saying.
U.S. Energy Information Administration data on Wednesday showed crude oil inventories fell by 3.6 million barrels in the week to December 24, according to Reuters.
Global oil prices have rebounded by 50% to 60% in 2021 as fuel demand roared back to near pre-pandemic levels while deep production cuts by OPEC+ producers for most of the year erased a supply glut that has been weighing on the market.
