WASHINGTON (dpa-AFX) - Oil prices rose on Thursday to extend gains from the previous session after data showed declines in crude and gasoline inventories in the U.S. in the week ended August 12.
Benchmark Brent crude futures jumped 1.3 percent to $94.88 a barrel, while WTI crude futures were up 1.2 percent at $89.14.
Data from U.S. Energy Information Administration (EIA) showed crude stockpiles in the U.S. dropped by 7.1 million barrels last week, nearly three times the expected drop.
The data showed gasoline inventories also fell 4.6 million barrels last week, helping offset growing worries about an economic slowdown.
The focus also returned to supply constraints, with OPEC Secretary General Haitham Al Ghais telling Bloomberg that global oil markets remained at the risk of a supply squeeze.
Separately, he told CNBC's Hadley Gamble that the influential producer group is not to blame for soaring inflation and it is underinvestment - chronic underinvestment that is behind the price rise.
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