Ammon News - Oil prices extended gains on Thursday, bolstered by signs of strong demand in the U.S., with uncertainty over efforts to end the war in Ukraine also lending support.

Brent crude futures hit a two-week high in early trade and were up 27 cents, or 0.40%, to $67.11 a barrel at 0442 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.46%, to $63 a barrel.

Both contracts climbed over 1% in the prior session.

U.S. crude inventories fell by 6 million barrels last week to 420.7 million barrels, the U.S. Energy Information Administration said on Wednesday, against expectations in a Reuters poll for a 1.8 million-barrel draw.

Gasoline stocks dropped by 2.7 million barrels, versus expectations for a 915,000-barrel draw, the EIA said, indicating steady driving demand during the summer travel season. That was also seen in a jump in the four-week average for jet fuel consumption to its highest since 2019.

Traders and analysts expect oil prices to fall once a peace deal is reached, but any continued lack of concrete progress in negotiations could underpin the market. Reuters