Oil prices rise on drawdown in U.S. crude inventory | Reuters

Oil prices rise on drawdown in U.S. crude inventory | Reuters

Oil prices edged higher on Thursday, recouping early losses, as crude stockpiles in the United States, the world's largest oil consumer, fell more sharply than expected as refining output rose and exports surged.

Brent crude oil futures rose by 17 cents, or 0.3%, to $69.13 a barrel by 0643 GMT, and U.S. West Texas Intermediate (WTI) crude futures gained by 9 cents, or 0.1%, to $65.72 a barrel.

Both benchmarks hit their highest since mid-March on Wednesday, before retreating to end little changed following two days of gains.

Easing coronavirus restrictions in Europe have led to a pick-up in fuel demand, analysts from Citi said in a note.