Oil climbs as draw in U.S. crude stocks boosts optimism about demand

File – Pump jacks are seen near McKittrick, California (AFP photo)

SULAIMANI (ESTA) — Oil prices rose on Thursday after a sharp drawdown in U.S. crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand.

Brent crude futures rose 27 cents to $75.46 a barrel by 0649 GMT, after increasing 0.5% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures gained 29 cents to $73.37 per barrel, after rising 0.3% on Wednesday.

U.S. crude inventories fell by 7.6 million barrels in the week to June 18 to 459.1 million barrels, the U.S. Energy Information Administration said, according to Reuters.

U.S. gasoline stocks fell by 2.9 million barrels in the week.

“Oil prices were lifted by the U.S. inventory data which confirmed the strong outlook for higher fuel demand in the second half of this year, backed by a recovery in road and air travel,” Hiroyuki Kikukawa, general manager of research at Nissan Securities, told Reuters.

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