WASHINGTON (dpa-AFX) - Oil prices rose further on Thursday, after having surged about 4 percent in the previous session on signs of strong U.S. demand and due to concerns about possible supply disruptions amid heightened Middle East tensions.
Benchmark Brent crude futures rose 0.7 percent to $81.44 a barrel while WTI crude futures were up 0.8 percent at $78.50.
The Energy Information Administration (EIA) reported on Wednesday that crude oil inventories slumped by 3.4 million barrels last week due to strong export demand. Economists had expected crude oil inventories to dip by 1.6 million barrels.
The EIA data also revealed gasoline inventories decreased by 3.7 million barrels from last week and are about 3 percent below the five-year average for this time of year. Levels at the Cushing hub also fell.
On the geopolitical front, media reports suggest that Iran is considering a retaliatory strike on Israel for killing a Hamas leader on its soil.
It was reported that Iran's supreme leader, Ayatollah Ali Khamenei, has issued an order for Iran to strike Israel directly, in retaliation for the killing in Tehran of Hamas's leader, Ismail Haniyeh.
The order was given at an emergency meeting of Iran's Supreme National Security Council on Wednesday morning, raising the threat of a wider conflict.
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