TOKYO (Reuters) – Oil prices climbed on Thursday after a sharp drawdown in U.S. crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.
Brent crude futures rose 9 cents, or 0.1%, to $75.28 a barrel by 0103 GMT, after increasing 0.5% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures gained 6 cents, or 0.1%, to $73.14 a barrel, after rising 0.3% on Wednesday.
Both benchmarks hit their highest since October 2018 on Wednesday, but they pared gains later in the session as energy traders locked in profit after the U.S. inventory report, Edward Moya, senior market analyst at brokerage OANDA, said in a report. Prices resumed climbing in Asia trade on Thursday.
