Oil Edges Up as Lower-Than-Expected US Stock Draw

Oil prices edged up on Thursday after two sessions of losses, with a smaller-than-expected draw in US crude inventories that sapped demand expectations. Brent crude futures climbed 9 cents, or 0.11%, to stand at $78.74 a barrel, while US West Texas Intermediate crude futures were up 15 cents, or 0.2%, at $74.67. Both contracts lost more than 1% on Wednesday, after data showed US crude inventories dropped 846,000 barrels to 425.2 million last week. Source: Qatar News Agency