Crude stocks have fallen as output remains constrained after US hurricanes
Oil prices rose on Thursday, extending strong gains overnight with fuel demand growing and crude stocks declining as production remains hampered in the US Gulf of Mexico after two hurricanes.
US West Texas Intermediate crude futures rose 13 US cents, or 0.2%, to $72.36 a barrel at 1.43am GMT, while Brent crude futures rose 17c, or 0.2%, to $76.36 a barrel. “Oil fundamentals remain constructive, particularly in the US,” ING commodities strategists said in a note.
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