Oil rises on decline in U.S. crude stocks, Fed comments on economy

Oil prices rose on Thursday, extending gains from the previous session, as an industry report showing a fall in U.S. crude stockpiles last week added to positive comments by the U.S. Federal Reserve head on the U.S. economy.

U.S. West Texas Intermediate crude was up 20 cents, or 0.4%, at $57.32 a barrel by 0111 GMT, after rising 0.6% on Wednesday.

Brent futures were up 17 cents, or 0.3% at $62.54 a barrel, having risen 0.5% in the previous session.

Federal Reserve Chair Jerome Powell said on Wednesday the U.S. economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt, boosting hopes for increased demand for crude.