Oil rises on US inventory decline but slowing economy caps gains
LONDON: Oil prices rose 1 per cent on Thursday amid Middle East tensions and a big fall in US crude stocks, but gains were capped as weak manufacturing data in Western nations indicated slowing economic growth that could reduce fuel demand.
Brent crude futures rose 64 cents to $63.82 a barrel by 1020 GMT, after dropping 1 per cent on Wednesday.
US West Texas Intermediate crude was up 51 cents, or 0.9 per cent, at $56.39 a barrel, having dropped 1.6 per cent the previous session.
