Oil extends gains as U.S. crude inventory draw points to strong demand

Oil extends gains as U.S. crude inventory draw points to strong demand
# 21 October 2021 07:18 (UTC +04:00)

Oil prices rose on Thursday to extend gains from the previous session as U.S. crude and fuel inventories tightened further, with supplies of gasoline hitting a two-year low, pointing to strong demand, APA reports quoting Reuters.

Brent crude futures climbed 17 cents, or 0.2%, to $85.99 a barrel at 0040 GMT, after rising 0.9% the previous day.

U.S. West Texas Intermediate (WTI) crude futures for December gained 37 cents, or 0.4%, to $83.79 a barrel. November WTI crude, which expired on Wednesday, settled up 91 cents, or 1.1%, after touching the highest since October 2014 earlier in the session.

U.S. crude stocks fell by 431,000 barrels in the week to Oct. 15 to 426.5 million barrels, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel rise, the U.S. Energy Information Administration (EIA) said on Wednesday.

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