Oil climbed after a U.S. government report showed crude inventories declined for a second straight week, further evidence of increasing demand as the summer travel season gets underway.
Futures in New York rose 0.5% after choppy trading earlier on Thursday. Domestic crude stockpiles slid by about 5 million barrels to the lowest since early February last week, according to the Energy Information Administration. Yet, gasoline and distillate supplies rose.
Crude is on track to post a second straight weekly gain with optimism growing around the demand rebound from the U.S. to the U.K. and parts of Asia. Upbeat comments on the consumption recovery earlier this week from OPEC+ and the International Energy Agency added to the bullish sentiment.
West Texas Intermediate crude futures for July delivery added 34 cents to $69.17 a barrel at 11:03 a.m. in New York. Brent for August settlement rose 29 cents to $71.64 a barrel on the London-based ICE Futures Europe exchange.