Oil prices rise after big draw in U.S. crude, gasoline stocks | Reuters

Oil prices rise after big draw in U.S. crude, gasoline stocks | Reuters

Oil prices rose on Thursday, rebounding from early losses after U.S. government data showed a much bigger drop than expected in crude and gasoline inventories.

Still, Brent prices remained about $3 a barrel below Monday’s close, as traders remained worried that global crude supplies might swell following the collapse that day of negotiations between the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.

Brent crude oil futures rose 69 cents, or 0.9%, to settle at $74.12 a barrel, and U.S. West Texas Intermediate futures rose 74 cents, or 1%, to settle at $72.94 a barrel.

Early in the session, both contracts fell to their lowest in about three weeks.

U.S. crude inventories fell by 6.9 million barrels last week to 445.5 million barrels, Energy Information Administration data showed. Analysts had expected a 4 million-barrel drop.