Oil prices rose on Thursday, extending gains in the prior session and hitting its highest since October 2018, after the EIA data showed that US crude oil inventories fell by a more than expected 7.61 million barrels in the June 18th week, a fifth consecutive period of decline and the largest since the last week of April.
Meanwhile, the OPEC+ have been discussing a further unwinding of last year’s record output cuts from August. Elsewhere, talks between world powers and Iran to revive a nuclear deal ended without an agreement.
The oil market is up around 50% so far this year, as investors are upbeat about fuel demand recovery this summer, with vaccination programs in Europe and the US allowing more people to travel. At around 06:00 AM GMT, WTI oil and Brent crude went up 0.2%, each to $73,23 a barrel and $75.34 a barrel.
The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.
Source: Trading Economics