Crude oil prices climbed higher on Thursday, extending gains from the previous session, amid concerns about global crude supply and strong demand in the U.S.
Reports saying the European Union is mulling a potential ban on Russian oil imports, and supply interruptions in Libya, where blockades at major fields and terminals reportedly result in the loss of over 550,000 barrels per day of oil output, pushed up oil prices.
Also, recent data showing a drop in U.S. crude inventories, and lower supply from Russia continued to make a positive impact on crude oil prices.
West Texas Intermediate Crude oil futures for June ended higher by $1.60 or about 1.6% at $103.79 a barrel.
Brent crude futures were up $1.66 or 1.55% at $108.46 a barrel a little while ago.
Data from Energy Information Administration (EIA) showed on Wednesday that crude inventories in the U.S. dropped by 8 million barrels last week, confirming the strong numbers released the previous day by the industry body American Petroleum Institute. Analysts were expecting an increase of 2.5 million barrels.
Gasoline inventories fell by 761,000 barrels last week to 232.4 million barrels, while distillate stockpiles dropped by 2.7 million barrels to 108.7 million barrels, the lowest level since May 2008.
