WASHINGTON (dpa-AFX) - Oil futures settled higher on Thursday, after recording losses in the previous four sessions amid concerns about outlook for demand and easing fears of supply disruptions. Data showing an unexpected drop in crude inventories supported oil prices.
Oil prices closed at their lowest levels since Oct. 2 on Wednesday after OPEC and the International Energy Agency cut demand forecasts for 2024 and 2025.
Earlier today, China announced supportive measures to prop up the country's troubled property sector, albeit on a small scale.
West Texas Intermediate Crude oil futures for November ended higher by $0.28 or about 0.4% at $70.67 a barrel.
Brent crude futures settled at $74.45 a barrel, gaining $0.23 or about 0.31%.
Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. fell by 2.2 million barrel in the week ended October 11th, after jumping by 5.8 million barrels in the previous week. Oil inventories were expected to rise by 2.3 million barrels.
At 420.5 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.
The report said gasoline inventories also decreased by 2.2 million barrels last week and are about 4 percent below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also slumped by 3.5 million barrels last week and are about 10 percent below the five-year average for this time of year.
On the geopolitical front, Israeli strikes continue in Lebanon and Gaza and U.S. officials expect Israel to respond to Iran's October attack before November 5.
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