Oil prices edged higher on Thursday, extending their 2 per cent gains from the previous session, after data showed US crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September.
US West Texas Intermediate (WTI) crude futures climbed 8 cents, or 0.2 per cent, to $41.12 a barrel at 0430 GMT, while Brent crude futures rose 7 cents, or 0.2 per cent to $43.39 a barrel.
Oil markets climbed for a third day despite a resurgence in Covid-19 infections across Europe potentially denting fuel demand.
“The energy markets are certainly marching to their own drummer at the moment,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking, adding that recent oil price volatility may have attracted more trader positions.
