Oil prices gained about 3% on Thursday as robust U.S. fuel consumption data and an expected drop in Russian supply later in the year offset concerns that slowing economic growth could undercut demand.
Brent futures rose $2.47, or 2.6%, to $96.12 a barrel by 11:41 a.m. EDT (1541 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.16, or 2.5%, to $90.27.
Prices rose more than 1% during the previous session, although Brent at one point fell to its lowest since February, as signs of a slowdown mounted in some places.
The oil complex is “advancing off the big (U.S.) crude stock draw, increased product demand and (the) apparent stall in Iranian nuclear negotiations,” analysts at energy consulting firm Ritterbusch and Associates said in a note.
