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Oil edges higher on inventory drawdowns, Brent tops $75 a barrel

16/09/2021 04:21 PM

Oil prices rose on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back past $75 a barrel.

Brent crude oil futures gained 37 cents, or 0.5%, to $75.11 a barrel by 0646 GMT, while U.S. West Texas Intermediate (WTI) crude oil futures increased by 39 cents, or 0.5%, to $72.78 a barrel.

Brent topped $75 a barrel for the first time in more than two years in June, but fell back sharply earlier this month on fears about the rapid spread of the Delta variant and a compromise deal by leading OPEC producers to increase supply.

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