Oil prices edged higher today for the third straight session after government data showed a sharp fall in U.S. crude stockpiles, rebounding from multi-month lows touched this week.
Brent crude futures fell 25 cents, or 0.3%, at $78.08 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude lost 13 cents, or 0.3%, to $75.10. Both the benchmarks had recovered from near-2024 lows in early trade on Thursday, before turning negative. [MKTS/GLOB]
Crude inventories in the United States, the world’s largest oil consumer, fell 3.7 million barrels, data showed, far exceeding analyst expectations of a 700,000-barrel draw and marking a sixth straight weekly decline to six-month lows. [EIA/S]
