Crude oil futures settled slightly higher on Thursday, continuing to benefit from Wednesday’s official data that showed a larger than expected drop in U.S. crude inventories last week.
However, with the Organization of the Petroleum Exporting Countries and their allies set to discuss rising crude production beyond July, the uptick in oil prices was just modest today.
West Texas Intermediate Crude oil futures for August ended up by $0.22 or about 0.3% at $73.30 an ounce,
Brent crude futures were up $0.25 or 0.35% at $75.45 a barrel a little while ago.
Data released by Energy Information Administration (EIA) on Wednesday showed crude inventories in the U.S. fell by 7.614 million barrels last week, declining for a fifth straight week. Analysts had expected crude inventories to drop by about 3.9 million barrels in the week.
Iran said on Wednesday the United States had agreed to remove all sanctions on Iran’s oil and shipping, although Germany cautioned that Tehran and the powers still had to overcome significant hurdles. The U.S. has said that “nothing is agreed until everything is agreed in talks to revive the 2015 Iran nuclear deal.
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