WASHINGTON (dpa-AFX) - Oil futures settled higher on Thursday, amid possible supply disruptions due to Middle East tensions, and on hopes of increased demand in the U.S. after data showed a drop in jobless claims.
The recent data from the Energy Information Administration (EIA) showing a much bigger than expected decline in U.S. crude inventories last week contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for September ended higher by $0.96 or 1.28% at $76.19 a barrel.
Brent crude futures were up $0.73 or 0.93% at $79.06 a barrel a little while ago.
Data from EIA showed crude oil inventories in the U.S. tumbled by 3.7 million barrels last week, after slumping by 3.4 million barrels in the previous week. Crude inventories were forecast to edge down by 0.4 million barrels.
Libya's National Oil Corporation has declared force majeure on all crude loadings from the Sharara oil field with immediate effect.
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