Oil prices increase as supply concerns outweigh US fuel stocks build
Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories.
Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel at 0250 GMT. The less liquidly traded August contract, which expires Thursday, was at $116.08, down 18 cents, or 0.2%.
U.S. West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.5%, to $110.27.
“Crude oil pushed higher in early trading after a bullish inventory… The drawdown was driven by refiners increasing their throughput amid historically high refining margins,” ANZ analysts said in a note.
