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
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
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
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Oil prices rise on demand outlook strength, weaker US dollar
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Oil prices rise on demand outlook strength, weaker US dollar
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
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