Doha: Oil prices rose on thursday buoyed by optimism over US trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in US crude inventories.
According to Qatar News Agency, Brent crude futures gained 24 cents, or 0.4%, reaching $68.75 a barrel. Similarly, US West Texas Intermediate (WTI) crude futures increased by 25 cents, or 0.4%, to $65.50 per barrel.
On the supply side, data from the US Energy Information Administration (EIA) showed that US crude inventories fell last week by 3.2 million barrels, bringing the total to 419 million barrels. This decline surpassed analysts' expectations, which had predicted a 1.6 million-barrel draw.