WASHINGTON (dpa-AFX) - Crude oil prices are extending the rally seen in recent days, with U.S. crude oil futures moving higher for the sixth consecutive session on Thursday.
After coming under pressure overnight, crude for November delivery has surged $2.95 or 3.1 percent to $98.04 a barrel, reaching its highest level in a month.
Elevated supply concerns continue to drive prices higher after two commercial vessels were struck by unidentified projectiles while passing through the Strait of Hormuz on October 13 and 14, as reported by the Maritime and Port Authority of Singapore.
Yemen's Houthis have also vowed to press on with attacks on airports and oil facilities in Saudi Arabia after hitting the headquarters of the Saudi state-owned oil company Aramco a day earlier.
On Wednesday, a report from the International Energy Agency warned the recent escalation in attacks on regional energy infrastructure and tanker traffic in the Middle East is threatening to derail a recovery in oil supply.
Elsewhere, Russia accused Ukraine of carrying out drone strikes on two oil refineries, including the 400,000-barrel-per-day Ryazan facility.
'We see no indication that the Ukrainian side is moving towards an energy ceasefire,' Russian Deputy Prime Minister Alexander Novak said.
The continued spike in crude oil prices also comes after a report from the Energy Information Administration showed crude oil inventories in the U.S. fell by much more than expected in the week ended October 9th.
The EIA said crude oil inventories tumbled by 8.6 million barrels last week after falling by 3.2 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.3 million barrels.
At 415.6 million barrels, U.S. crude oil inventories are 3 percent below five-year average for this time of year, the report said.
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