WASHINGTON (dpa-AFX) - Oil prices moved higher on Thursday amid optimism about the outlook for global oil demand, and potential supply shortage due to the sanctions on Iranian and Russian crude exports.
Likely surge in fuel demand due to cold weather in the U.S., and Saudi Arabia's decision to raise its crude prices for Asian customers from next month contributed as well to the contract's higher settlement.
West Texas Intermediate Crude oil futures for February settled higher by $0.60 or about 0.82% at $73.92 a barrel.
Brent crude futures climbed by about 1% to $76.92 a barrel.
According to the National Weather Service, parts of east Texas up to the north of Kentucky were under a winter storm warning.
Data released by the Energy Information Administration (EIA) on Wednesday showed crude oil inventories in the U.S. fell by 1.0 million barrels last week after falling by 1.2 million barrels in the previous week. Economists had expected crude oil inventories to edge down by 0.3 million barrels.
At 414.6 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year, the report said.
Meanwhile, the report said gasoline inventories surged by 6.3 million barrels last week but remain about 1% below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also jumped by 6.1 million barrels last week but remain about 4% below the five-year average for this time of year, the EIA said.
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