Ammon News - Oil prices rose on Thursday, boosted by a strong outlook for demand in the United States after fuel inventories fell more than expected, and a weaker U.S. dollar.

Brent crude futures rose 43 cents, or 0.6%, to stand at $71.21 a barrel by 0423 GMT, their highest level since March 3. U.S. West Texas Intermediate crude (WTI) gained 38 cents, or 0.6%, to $67.54.

U.S. government data showed a higher-than-expected drawdown last week in distillate inventories, including diesel and heating oil, which fell by 2.8 million barrels, outstripping a drop of 300,000 barrels expected in a Reuters poll.

A weaker greenback also contributed to oil gains, with the dollar on a downtrend since the end of February. Reuters