Oil gains as U.S. crude draws, German data boost outlook demand

Oil prices gained for a second day on Thursday after draw-downs in U.S. inventories and accelerating German economic activity bolstered confidence in the fuel demand recovery.
Doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports further supported prices.
Brent crude futures rose 45 cents or 0.6 per cent to $75.64 a barrel by 0847 GMT, after increasing 0.5 per cent on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures climbed 40 cents or 0.54 per cent to $73.48 a barrel, after rising 0.3 per cent on Wednesday.
Both benchmarks hit their highest since October 2018 on Wednesday.
But they pared gains later in the session as energy traders locked in profit after the U.S. inventory report, Edward Moya, senior market analyst at brokerage OANDA, said in a report.
Further stoking expectations of a European fuel demand recovery, data from Germany showed the largest upward leap in retail conditions since German reunification more than three decades ago.
Across the Atlantic, U.S. crude inventories fell by 7.6 million barrels in the week to June 18 to 459.1 million barrels, their lowest since March 2020, the U.S. Energy Information Administration said….


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