Oil rises on bigger-than-expected draw in U.S. fuel stocks | Reuters

Oil rises on bigger-than-expected draw in U.S. fuel stocks | Reuters

Oil prices climbed on Thursday, reversing previous losses, as a bigger-than-expected draw in U.S. gasoline and distillate stocks prompted buying.

The uptick was also supported by expectations that soaring natural gas prices as winter approaches will drive a switch to oil to meet heating demand.

Brent crude futures gained 67 cents, or 0.8%, to $83.85 a barrel at 0647 GMT after falling 0.3% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures climbed 62 cents, or 0.8%, to $81.06 a barrel, more than recouping the previous day's 0.3% decline.

"A larger-than-expected drop in the U.S. gasoline and distillate inventories led to fresh buying," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.