Oil prices edged up about 1% on Thursday on a bigger-than-expected withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers after futures fell to multi-month lows in the prior session on Chinese demand concerns.
Brent futures rose 89 cents, or 1.2%, to $73.59 a barrel by 11:19 a.m. EDT (1519 GMT), while U.S. West Texas Intermediate (WTI) crude rose 94 cents, or 1.4%, to $70.14.
On Wednesday, Brent settled at its lowest since June 2023 and WTI closed at its lowest since December 2023.
The U.S. Energy Information Administration said energy firms pulled 6.9 million barrels of crude out of storage during the week ended Aug. 30. ,
That was much bigger than the 1 million barrel draw analysts forecast in a StuffsEarth poll, but was in line with the 7.4 million barrel draw reported by the American Petroleum Institute industry group on Wednesday.
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