Falling US inventories are also adding support
Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in petrol demand in the US supported prices.
US West Texas Intermediate crude was at $98.70 a barrel, up $1.44, or 1.5%, after rising $2.28 in the previous session. The US Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path.On supplies, US crude oil stockpiles fell by 4.5-million barrels last week, against expectations of a 1-million-barrel drop, while US petrol demand rebounded by 8.5% week on week, according to data from the Energy Information Administration.
US crude exports reached a record 4.6-million bpd, Citi said. Exports are rising as WTI traded at a steep discount to Brent, making purchases of US crude grades more attractive to foreign buyers.
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