U.S. crude rises 1.7% on big inventory draw, hurricane fears - Reuters

U.S. crude rises 1.7% on big inventory draw, hurricane fears - Reuters:

U.S. oil futures rose 1.7% on Thursday, lifted by a deep draw on U.S. crude inventories, especially at the benchmark’s delivery hub due to increased demand with the start-up of two new West Texas pipelines.

The approach of Hurricane Dorian toward Florida also raised fears that offshore U.S. crude producers may slow output if the storm passes into the Gulf of Mexico over the weekend, analysts said.

Meanwhile, international benchmark Brent oil rose above the $61 a barrel mark as concerns about economic growth eased.

West Texas International (WTI) crude settled at $56.71 a barrel, up 93 cents, or 1.7%. Brent crude settled at $61.08, up 59 cents, or 0.98%.