Oil prices rose more than 1% on Thursday, after falling for three straight days, as U.S. gasoline stocks declined on strong travel demand and as China’s central bank sought to bolster the property market and wider economy.
Brent crude futures rose $1.24, or 1.5% to $84.70 a barrel by 11:18 a.m. ET (1518 GMT). U.S. West Texas Intermediate crude (WTI) was up $1.48, or 1.8% at $80.86 a barrel.
The previous session, prices fell more than 1.5% on worries about China’s embattled economy and potential for further increases to U.S. interest rates.
