Oil Prices Extended as Investories Dipped

Oil prices extended after U.S. crude stockpiles declined more than forecasted.

Futures of crude oil WTI rose 0.55% to $73.16 per barrel on Thursday while Brent futures rose 0.62% to $75.76 per barrel.

Crude oil inventories in the U.S. dropped by 4.72 million barrels last week, according to government data. On the other hand, gasoline stockpiles rose by 5.53 million barrels last week, according to Energy Information Administration. Crude stockpiles at the key storage hub of Crushing expanded by 1.46 million barrels, climbing for the sixth week.