WASHINGTON (dpa-AFX) - Oil prices jumped on Thursday to extend overnight gains after data showed a drop in crude inventories in the U.S. in the week ended July 22nd.
Benchmark Brent crude futures jumped over 2 percent to $103.75 a barrel, while WTI crude futures were up nearly 2 percent at $99.19.
Data from U.S. Energy Information Administration (EIA) showed crude stockpiles in the U.S. dropped 4.52 million barrels last week, about three times the expected decline.
Gasoline inventories in the U.S. tumbled 3.3 million barrels last week after climbing a combined 9.32 million for the weeks ended July 15th and July 8th.
The EIA data also showed that distillate stockpiles fell by 784,000 barrels last week, as against an expected drop of about 500,000 barrels.
Cuts in Russian gas flows to Europe and a weaker dollar also boosted prices ahead of next week's OPEC meeting to discuss production goals.
The U.S. dollar struggled against its peers, slumping to a three-week low versus the Japanese yen, after Fed Chair Jerome Powell said that he doesn't believe the U.S. is in a recession.
After announcing another 75-bps rate hike, Powell hinted at a slowdown in the pace of rate hikes at future meetings.
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