Oil prices rise after big draw in US crude, gasoline stocks
NEW YORK: Oil prices rose on Thursday, rebounding from early losses after US government data showed a much bigger drop than expected in crude and gasoline inventories.
Still, Brent prices remained about $3 a barrel below Monday’s close, as traders worried global crude supplies might swell following the collapse of negotiations between the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.
Brent crude oil futures rose 48 cents to $73.91 a barrel by 1:11 pm EDT (1711 GMT), and US West Texas Intermediate futures rose 52 cents to $72.72 a barrel.
