Yemisi Izuora
U.S. oil prices moved up on Thursday to extend gains into a third session, with widely watched data showing signs of tightening supply in the United States.
The U.S. West Texas Intermediate (WTI) crude futures were at $54.41 per barrel up 19 cents from their last settlement after closing up 1.7 per cent on Wednesday, when prices touched their highest since Nov. 21 at $54.93 a barrel.
Meanwhile, the International Brent crude oil futures had yet to trade, after closing up 2.2 percent in the previous session.
“Oil prices rallied after the (Energy Information Administration) weekly report showed crude stockpiles rose less than expected,” said Edward Moya, market analyst at OANDA.
“U.S. stockpiles may continue to fall as Saudi Arabia continues to trim exports to the U.S.” The U.S. crude oil stockpiles climbed less than expected last week due to a drop in imports, while gasoline and distillate inventories fell as refiners slowed production, the Energy Information Administration said on Wednesday.
Crude inventories rose 919,000 barrels in the week to Jan. 25, compared with analyst expectations for an increase of 3.2 million barrels. Net U.S. crude imports fell last week by 1 million barrels per day.