Oil prices gained for a second session on Thursday, supported by worries over supply amid U.S. sanctions on Russia, a larger-than-forecast fall in U.S. crude oil stocks, and an improving global demand outlook.
Brent crude futures rose 25 cents, or 0.3%, to $82.28 per barrel by 0446 GMT, after rising 2.6% in the previous session to their highest since July 26 last year.
U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel, after gaining 3.3% on Wednesday to their highest since July 19.
U.S. crude oil stocks fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said on Wednesday.
The 2 million-barrel draw was more than the 992,000-barrel fall analysts had expected in a Reuters poll. The drop added to a tightened global supply outlook after the U.S. imposed broader sanctions on Russian oil producers and tankers.
The new U.S. sanction measures have sent Moscow’s top customers scouring the globe for replacement barrels while shipping rates have surged too.
