Oil prices edge higher on inventory drawdowns, Brent tops $75 a barrel
LONDON (Reuters) -Oil prices rose on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back above $75 a barrel.
Brent crude oil futures were up 45 cents, or 0.6%, at $75.19 a barrel by 1342 GMT, having traded as high as $75.55. U.S. West Texas Intermediate (WTI) crude oil futures were up 56 cents, or 0.8%, to $72.95 a barrel.
Brent topped $75 a barrel for the first time in more than two years in June, but fell back sharply this month on fears about the rapid spread of the Delta variant of coronavirus and a compromise deal by leading oil producers to increase supply.
