Oil rises on US inventory draw, upbeat demand expectations

Singapore, Dec. 14 (BNA): Oil prices rose in Asian trade on Thursday, extending the prior session’s gains, on a bigger-than-expected weekly withdrawal from U.S. crude storage and an improved outlook for demand after the U.S. Fed signalled lower borrowing costs for 2024.


Brent futures rose 41 cents, or 0.55%, to $74.67 a barrel as of 0658 GMT. U.S. West Texas Intermediate (WTI) crude climbed 32 cents, or 0.46%, to $69.79 a barrel, Reuters reported.


Lower interest rates reduce consumer borrowing costs, which can boost economic growth and demand for oil. The news also sent the dollar falling for three straight sessions to a four-month low, which makes oil less expensive for foreign purchasers.






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