OTTAWA (dpa-AFX) - Crude oil futures were higher Thursday morning, extending gains from the previous session.
Dwindling U.S. oil inventrories have offset speculation that Saudi Arabia and Russia plan to increase production.
Meanwhile, the European Central Bank has pledged to keep interest rates on hold well into next year.
That's given global stocks a boost following yesterday's hawkish Federal Reserve statement.
WTI light sweet oil was up 40 cents at $67/oz, moving away from a recent 2-month low.
Traders are also weigh data showing a much bigger than expected increase in U.S. retail sales in the month of May.
The Commerce Department said retail sales jumped by 0.8 percent in May after climbing by an upwardly revised 0.4 percent in April.
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