SULAIMANI (ESTA) — Oil prices edged higher on Thursday, extending the previous day’s solid gains after a larger-than-expected drawdown in crude oil stocks in the United States.
Brent crude oil rose 11 cents to $75.57 a barrel at 0628 GMT, after settling up 2.5% the previous day.
U.S. West Texas Intermediate (WTI) crude were up 8 cents at $72.69per barrel, after settling 3.1% higher on Wednesday.
U.S. crude oil and fuel stockpiles dropped sharply last week, as refiners in the U.S. Gulf region and oil facilities offshore were still recovering from Hurricane Ida, according to the Energy Information Administration (EIA).
Crude inventories dropped by 6.4 million barrels in the week to September 10 to 417.4 million barrels, the EIA said.
“The data follow warnings from the International Energy Agency that supply lost from storms in the Gulf of Mexico would offset gains from OPEC,” Reuters cited analysts from ANZ Research as saying.
