Oil Advances as Tighter Supply Jostles With Demand Concerns - Bloomberg

Oil Advances as Tighter Supply Jostles With Demand Concerns - Bloomberg:

Oil advanced in New York as declining U.S. crude stockpiles and fears over Middle East exports mingled with concerns that slower economic growth will stifle demand.

West Texas Intermediate futures added 1% on Thursday as the dollar weakened before a meeting of the European Central Bank, boosting the appeal of commodities priced in the U.S. currency. A sixth weekly-decline in U.S. crude stockpiles also supported prices, the longest run of draws since early 2018.

WTI for September delivery added 58 cents, or 1%, to $56.46 a barrel on the New York Mercantile Exchange as of 12:29 a.m. in London. The contract has fallen 3.6% in July, and is on track for only its second monthly loss this year.

Brent for September settlement rose 68 cents to $63.86 on the ICE Futures Europe Exchange after closing down 1% on Wednesday. The global crude benchmark is trading at a $7.42 premium to WTI.