Oil prices rise amid strong US demand and stock decline

Global oil prices moderately increased on Thursday morning, driven by strong demand in the United States, Report informs, citing trading data.

October futures for Brent crude rose by 0.46% to $67.15 per barrel, while WTI October futures climbed 0.54% to $63.05.

The price growth was supported by US inventory data released Thursday. Commercial crude oil stocks in the country (excluding the strategic reserve) fell by 6 million barrels to 420.7 million for the week ending August 15—exceeding market expectations. Gasoline inventories also dropped by 2.7 million barrels (1.2%) to 223.6 million.