Oil prices climb as US stock drawdown eases supply glut fears
Oil prices edged higher on Thursday after data showed US crude inventories fell again, easing concern 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 17 cents, or 0.5%, at $35.92 per barrel at 0024 GMT. US West Texas Intermediate (WTI) crude futures for July were up 4 cents, or 0.1%, at $33.53 a barrel.
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.
