Oil prices climb as US stock drawdown eases supply glut fears
Oil prices advanced on Thursday as a drawdown of US crude inventories and output cuts by major producers helped ease concerns about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains.
Brent crude futures for July delivery were trading up 33 cents, or 0.9%, at $36.08 per barrel at 0344 GMT, rising for a second day.
US West Texas Intermediate (WTI) crude futures for July were up 20 cents, or 0.6%, at $33.69 a barrel, extending its gains into a sixth straight session.
US crude inventories fell by 5 million barrels last week, against expectations in a Reuters poll for a 1.2 million-barrel rise, Energy Information Administration (EIA) data showed, while stocks at the Cushing, Oklahoma, delivery hub dropped by 5.6 million barrels.
