Oil prices edged higher on Friday with Brent poised for its first monthly gain this year, as a big drawdown in US oil stocks outweighed concerns that fuel demand will be dented further by more interest rate hikes.
Brent crude futures for September delivery rose 16 cents or 0.2 per cent to stand at $74.67 as of 0405 GMT. The less-traded front-month contract, which expires on Friday, was up 30 cents at $74.64.
US West Texas Intermediate crude (WTI) gained 8 cents or 0.1 per cent to $69.95.
After settling marginally higher on Thursday, both benchmarks were on track to climb more than 2.5 per cent for June. While it would be Brent’s first monthly gain for 2023, it would mark a second for WTI after a gain in April.
