Oil prices rise after U.S. crude stocks draw

Oil prices rose on Thursday following a drawdown in U.S. crude inventories, but gains in fuel inventories and persistent concerns over the global economy and future demand outlook capped gains, Trend reports citing Reuters.

Brent crude futures LCOc1 climbed 27 cents, or 0.5%, to $60.57 a barrel by 0051 GMT on Thursday.

West Texas Intermediate (WTI) crude CLc1 futures rose 35 cents, or 0.6%, to $56.03 per barrel.

U.S. crude inventories fell more than expected last week as refineries hiked production, but gasoline and distillate stockpiles showed bigger-than-expected builds, the Energy Information Administration said on Wednesday.

Crude inventories USOILC=ECI fell by 2.7 million barrels in the week to Aug. 16, compared with analysts’ expectations for a drop of 1.9 million barrels. However, gasoline stocks USOILG=ECI rose by 312,000 barrels and distillate supplies USOILD=ECI grew by 2.6 million barrels.