Brent futures traded above $107 a barrel on Thursday on sharp decline in US crude stockpiles and improved economic data from China.
Reuters reported that Brent increased 33 cents to $107.50, while US crude climbed $1 to $102.20 a barrel.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The news agency said continued worries about the geopolitical situation in North Africa, the Middle East and Ukraine also underpinned oil prices.
Brent has been increasing following a larger-than-anticipated drawdown in the entire US stockpiles and at the delivery facility in Cushing, Oklahoma.
Data from the Energy Information Administration (EIA) revealed that an increase in US refining activity caused crude stocks to decline by 7.5 million barrels last week, the biggest draw since January 2014.
Wednesday’s Chinese Government data showed that the country reported slightly better-than-anticipated economic growth of 7.5% in the second quarter of 2014.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOil prices have declined since Brent hit a nine-month high of $115.71 in June after Islamist militants took control of northern and eastern parts of Iraq.
The southern oilfields in Iraq, which are reportedly unaffected by the violence, are expected to export 2.6 million barrels per day in July.
Meanwhile, an official said that oil exports through Libya’s two largest eastern ports will not start before August.
.gif)
