WASHINGTON (dpa-AFX) - Crude oil futures settled higher on Thursday, snapping a three-session losing streak, on news about China's central bank seeking to boost the economy.
West Texas Intermediate Crude oil futures for September ended higher by $1.01 or about 1.3% at $80.39 a barrel.
Brent crude futures were up $0.45 or 0.54% at $83.90 a barrel a little while ago.
The People's Bank of China said today that it would keep liquidity reasonably ample and maintain 'precise and forceful' policy to support economic recovery against headwinds.
The bank said that it will 'better leverage the dual functions of aggregate and structural monetary policy tools and firmly support the recovery and development of the real economy'.
Oil also found support from Wednesday's data from the Energy Information Administration (EIA) showing a big 5.960 million barrel drop in crude stockpiles in the week ended August 11. Market had expected inventories to drop by about 2.3 million barrels.
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