Oil rises on U.S. crude storage draw, Fed rate cut hopes
Brent crude futures for July rose 23 cents to $83.81 a barrel by 0033 GMT. U.S. West Texas Intermediate crude for June was up 29 cents to $79.28 per barrel.
rose in early trade on Thursday as shrinking U.S. signalled tighter supply, and amid rising hopes that the would cut interest rates by the end of the year.for July rose 23 cents to $83.81 a barrel by 0033 GMT. U.S. for June was up 29 cents to $79.28 per barrel.
Crude inventories dropped last week by 1.4 million barrels to 459.5 million barrels, according to the , more than analysts' expectations in a Reuters poll for a 1.1 million-barrel draw as refinery activity increased.
Rising , which swelled unexpectedly by more than 900,000 barrels in the week to 228 million barrels, the EIA said, kept prices from moving higher.
Increasing expectations that the will cut interest rates by year end after weaker-than-expected U.S. jobs data also boosted oil prices. Lower interest rates can increase spending on crude oil.
Hopes for a ceasefire in the Middle East, however, with the U.S. saying earlier in the week that negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas negotiations, kept oil prices from moving higher.
