WASHINGTON (dpa-AFX) - Oil prices climbed on Thursday as tariff worries eased and industry data showed U.S. crude oil inventories fell last week, along with a decline in gasoline and distillate stockpiles, indicating a rebound in fuel demand.
Benchmark Brent crude futures rose about 1 percent to $64.94 a barrel in European trade while WTI crude futures were up 1.2 percent at $62.57.
A U.S. trade court has blocked most of U.S. President Donald Trump's tariff measures, ruling that he had overstepped his authority and the International Emergency Economic Powers Act (IEEPA) does not give him the power to impose the sweeping import taxes.
The court also blocked a separate set of levies the Trump administration imposed on China, Mexico and Canada, in a major blow to a key component of his trade policies.
The court ruling helped ease investor concerns over the impact of Trump's tariff policies on growth and oil demand.
Adding to the positive news, data from the American Petroleum Institute showed that U.S. crude inventories shrank by 4.23 million barrels during the week ended May 23, in contrast to expectations for a build of 1 million barrels.
The sharp drawdown in U.S. oil stockpiles ahead of the Memorial Day holiday sparked hopes that fuel demand in the country remained strong despite heightened economic uncertainty.
Gasoline stocks fell by 528,000 barrels, while distillate stockpiles-which include diesel and heating oil-declined by 1.295 million barrels.
Traders now look for confirmation from official data from the Energy Information Administration due later in the day.
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