Oil holds above $75 on U.S. inventories and gas prices | Reuters

Oil holds above $75 on U.S. inventories and gas prices | Reuters

Oil held above $75 a barrel on Thursday, within sight of a multi-week high hit a day earlier, supported by a big drop in U.S. crude inventories and surging European natural gas prices.

U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected, with offshore oil facilities still recovering from the impact of Hurricane Ida last month.

Brent crude was up 11 cents, or 0.2%, to $75.57 a barrel by 0913 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) rose 2 cents to $72.63.

Brent has rallied 46% this year, supported by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, plus some recovery from last year's pandemic-related collapse in demand.