Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters
Oil rose more than $2 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Brent crude futures for September rose $2.09, or 1.96%, to $108.71 a barrel by 1201 GMT, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) was at $99.62 a barrel, up $2.36, or 2.43%, after rising $2.28 in the previous session.
"Yesterday's stock market rally after the Fed's rate hike and the consequent easing of the dollar helped oil prices re-gain their footing," Tamas Varga, analyst at PVM Oil Associates, said.
"The weekly EIA statistics also proved supportive. There were draws in major categories and products supplied."
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