WASHINGTON (dpa-AFX) - Crude oil futures settled higher on Thursday, gaining after three successive days of losses, as data showed a significant drop in distillate inventories in the U.S. in the week ended October 8th.
Oil prices drifted lower in the past three sessions amid concerns about the outlook for energy demand due to rising possibility of a global recession.
West Texas Intermediate crude oil futures ended higher by $1.84 or about 2.1% at $89.11 a barrel.
Brent crude futures were up $2.30 or about 2.5% at $94.75 a barrel a little while ago.
Data from the Energy Information Administration (EIA) showed crude inventories in the U.S. rose by 9.9 million barrels last week.
Distillate stockpiles fell by 4.9 million barrels to 106.1 million barrels last week, as against expectations for a 2 million-barrel drop.
Meanwhile, gasoline stocks were up by 2 million barrels last week, as against expectations for a 1.8 million barrel drop.
Oil prices fell after a positive start as the International Energy Agency (IEA) said the OPEC and its allies' plan last week to cut output could tip the global eonomy into recession.
The OPEC' slashed its global oil demand forecast for the year and the next, about a weak after the group and its allies agreed to cut oil supply by 2 million barrels per day.
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