WASHINGTON (dpa-AFX) - Oil prices were a tad higher on Thursday as heightened geopolitical tensions in the Middle East offset official data showing a surprise inventory build.
Benchmark Brent crude futures were up 0.6 percent at $84.95 a barrel after edging lower in Asian trade. WTI crude futures were up 0.6 percent at $81.38.
Geopolitical developments supported crude oil prices, with tensions between Israel and Hezbollah seem to be escalating as Israel's war on Gaza nears nine months.
Media reports suggest that Israeli attacks in Gaza have killed 60 people and injured 140 in the latest 24-hour reporting period.
Traders were also reacting to data from S&P Global Commodity Insights that suggested Indian refiners continued their purchase momentum for crude oil from its two largest trading blocs, Russia and Middle East, for the second consecutive month in June.
On the flip side, there are fears of slowing U.S. demand after official data showed an unexpected increase in crude inventories in the U.S. in the week ended June 21 as refinery throughputs eased for a second week.
Data from U.S. Energy Information Administration showed crude oil inventories increased by 3.6 million barrels during the week, confounding expectations for a drop of 2.8 million barrels.
Gasoline inventories surged by 2.7 million barrels last week, while distillate stockpiles dropped by 0.4 million barrels.
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