Oil prices edged higher on Thursday as US crude inventories fell more than expected, while diplomatic efforts to end the Russia-Ukraine war fuel volatility and raise concerns over a potential increase in global supply.
International benchmark Brent crude was trading at $63.19 per barrel at 09.50 a.m. local time (0650 GMT), up 0.06% from the previous close of $63.15.
US benchmark West Texas Intermediate (WTI) also increased by about 0.08% to $59.33, compared to $59.28 in the prior session.
According to data from the US Energy Information Administration (EIA), commercial crude stocks fell by about 3.4 million barrels last week. Markets had expected a decrease of roughly 600,000 barrels.
The drop in inventories pointed to increased refinery activity and stronger export demand, while the build in gasoline stocks raised questions about domestic consumption.
Meanwhile, diplomatic efforts aimed at ending the Russia-Ukraine war also contributed to price volatility.
Expectations that a potential end to the conflict could lead to the lifting of sanctions on Russian oil, bringing additional supply to the market, continue to exert downward pressure on prices.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
