Oil prices rise amid demand increase in US

ANKARA, Turkey - Oil prices rose on Thursday with a recovery in demand in the US, the world's biggest oil consumer, although gains were restrained by US Fed interest rate hikes, reported Anadolu.

International benchmark Brent crude traded at US$83.04 per barrel at 9.36 am local time (0636GMT), a 0.58 per cent rise from the closing price of US$82.56 a barrel during the previous session on Wednesday.

The American benchmark West Texas Intermediate (WTI) traded at the same time at US$79.39 per barrel, up 0.77 per cent from US$78.78 per barrel at Wednesday’s close of business.

Data released by the Energy Information Administration (EIA) on Wednesday showed that the fall in US commercial crude oil stockpiles was unexpected by the market.

US commercial crude oil inventories showed a decrease of 600,000 barrels to 456.8 million barrels during the week ending July 21, compared with market forecasts of a rise in stock inventory of around 1.32 million barrels.

The inventory decline indicates a surge in oil demand, supporting upward price movements. -BERNAMA