Singapore – Saba: Oil prices rose on Thursday, snapping a five-day losing streak, amid signs of stabilizing demand in the United States, the world's largest oil consumer.
Brent crude futures rose 20 cents, or 0.3 percent, to $67.09 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 22 cents, or 0.3 percent, to $64.57 a barrel.
This rebound followed a decline of about 1 percent for both benchmarks on Wednesday, reaching their lowest levels in eight weeks, affected by ongoing concerns about the global economy and supply.
The U.S. Energy Information Administration announced that U.S. crude oil inventories fell by 3 million barrels, to 423.7 million barrels in the week ending August 1, indicating an improvement in domestic demand.
Brent crude futures rose 20 cents, or 0.3 percent, to $67.09 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 22 cents, or 0.3 percent, to $64.57 a barrel.
This rebound followed a decline of about 1 percent for both benchmarks on Wednesday, reaching their lowest levels in eight weeks, affected by ongoing concerns about the global economy and supply.
The U.S. Energy Information Administration announced that U.S. crude oil inventories fell by 3 million barrels, to 423.7 million barrels in the week ending August 1, indicating an improvement in domestic demand.