Oil holds above $75 a barrel supported by drop in US crude inventories
LONDON (Reuters) -Oil slipped but held above $75 a barrel on Thursday, within sight of a near seven-week high hit a day earlier, supported by a big drop in U.S. crude inventories and expectations of recovering global demand.
U.S. crude inventories fell by 6.4 million barrels last week, more than analysts expected, as oil facilities offshore were still recovering from Hurricane Ida. [EIA/S]
The United States is the world’s largest oil consumer.
Brent crude was down 9 cents, or 0.1%, to $75.37 by 0815 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) was down 4 cents at $72.57.
