Crude Oil Nudges Up After Ninth Weekly Stock Drawdown In U.S.

Crude oil prices edged up in early Asian trading on Thursday after the U.S. Energy Department reported a ninth consecutive weekly draw down of crude stocks but a surprise build in gasoline supplies.

  U.S. West Texas Intermediate crude for September delivery, the new front month contract from Thursday, was up 2 cents at $45.77 a barrel at 9.02 p.m. ET. The August contract expired on Wednesday after rising 29 cents, or 0.7 percent, to settle at $44.94 a barrel.

 

Brent crude's front-month contract, (LCOc1) was up 5 cents at $47.22 a barrel. The contract, also for September delivery, rose 51 cents, or 1.1 %, to $47.17 a barrel the previous day.

   

US crude inventories fell 2.3 million barrels in the week ending July 15, data from the US Energy Information Administration showed.


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