Oil settles up, Brent tops $76 as U.S. supplies tighten more | Reuters

Oil settles up, Brent tops $76 as U.S. supplies tighten more | Reuters

Oil prices rose on Thursday, with global benchmark Brent topping $76 a barrel, as supplies in the United States tightened further after shrinking to the smallest levels since January 2020.

Brent crude oil futures settled up $1.31 a barrel, or 1.75% at $76.05 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures settled up $1.23, or 1.7% at $73.62 a barrel.

Data from information provider Genscape indicated that the inventories at the Cushing, Oklahoma storage hub have continued to draw, traders said on Thursday. Cushing stockpiles were seen at 36.299 million barrels by Tuesday afternoon, down 360,917 barrels from July 23.

The Cushing inventory data came a day after the U.S. Energy Information Administration (EIA) reported that domestic crude inventories fell by 4.1 million barrels in the week to July 23.