Oil slips but holds to most gains after draw in US stocks

Oil prices slipped on Thursday, but kept most of the previous day’s gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer.

Brent crude oil fell 13 cents, or 0.2%, to $75.33 a barrel by 0128 GMT, after settling up 2.5% the previous day.

U.S. West Texas Intermediate (WTI) crude slipped 12 cents, or 0.2%, to $72.49, after settling 3.1% higher on Wednesday.

U.S. crude oil and fuel stockpiles dropped sharply last week, as refiners in the U.S. Gulf region and oil facilities offshore were still recovering from Hurricane Ida, the Energy Information Administration (EIA) said on Wednesday.