WASHINGTON (dpa-AFX) - Oil held overnight gains on Thursday, bolstered by signs of strong demand in the United States and amid uncertainty over efforts to end the war in Ukraine.
Benchmark Brent crude futures jumped 0.8 percent to $67.38 a barrel in European trade, reaching a two-week high. WTI crude futures were up 0.9 percent at $63.25.
Investors cheered indications of robust demand in the U.S. after data showed a sharper-than-expected drop in stockpiles.
The Energy Information Administration (EIA) reported that crude oil inventories in the U.S. tumbled by 6.0 million barrels last week after rising by rising by 3.0 million barrels in the previous week.
Economists had expected crude oil inventories to dip by 1.3 million barrels. Gasoline inventories also fell by 2.7 million barrels last week but distillate fuel inventories, which include heating oil and diesel, rose by 2.3 million barrels, the EIA said.
Oil prices also remain supported by uncertainty surrounding efforts to resolve the war in Ukraine.
Media reports suggest that U.S. President Donald Trump is urging EU allies to send ground troops to Ukraine to secure a ceasefire and guarantee security there.
Trump has categorically ruled out the deployment of U.S. troops on the ground in Ukraine but seems ready to provide air support.
'Germany's contribution to security guarantees has not yet been determined and this issue will be decided at the political and military levels,' German Defense Minister Boris Pistorius said on Tuesday, adding that there were still too many uncertainties, for example, regarding further negotiations as well as the contribution of the U.S. and other allies.
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