Oil gains as draw in U.S. crude stocks reinforces outlook for robust demand | Reuters

Oil gains as draw in U.S. crude stocks reinforces outlook for robust demand | Reuters

Oil prices gained for a second day on Thursday after a bigger-than-expected drawdown in U.S. crude and gasoline stocks confirmed outlook for robust fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.

Brent crude futures rose 30 cents, or 0.4%, to $75.49 a barrel by 0643 GMT, after increasing 0.5% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures climbed 31 cents, or 0.4%, to $73.39 a barrel, after rising 0.3% on Wednesday.

Both benchmarks hit their highest since October 2018 on Wednesday, but they pared gains later in the session as energy traders locked in profit after the U.S. inventory report, Edward Moya, senior market analyst at brokerage OANDA, said in a report. Prices resumed climbing in Asian trade on Thursday.