Brent for September settlement rose 0.4% to $85.39 a barrel at 11:32 a.m. in Singapore.
Oil pushed higher — after the biggest daily jump in a month — as US crude stockpiles logged their third consecutive weekly decline. Brent traded above $85 a barrel after advancing 1.6% on Wednesday, with West Texas Intermediate near $83. Nationwide inventories shrank by 4.87 million barrels last week to the lowest level since February. While stockpiles typically decline at this time of the year, they are below the five-year seasonal average.
Oil remains higher for the year to date, helped by OPEC+ supply cutbacks, which have offset increased production from nations outside the cartel. Expectations for looser US monetary policy have also aided crude, both by boosting appetite for risk assets and weakening the US dollar. A cheaper greenback makes commodities priced in the currency more attractive for most buyers. Timespreads, meanwhile, have strengthened, signaling robust near-term demand.
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