Oil prices rose for a fourth day running on Thursday, as the dollar edged lower on improved risk sentiment and the United States braced for extreme cold weather in what has been described as a once-in-a-generation storm.
Benchmark Brent crude futures climbed 1 percent to $83.03 a barrel, while WTI crude futures were up 1.2 percent at $79.20.
A weaker dollar supported prices after China said it would implement policies to support growth in 2023.
A powerful winter storm will bring "dangerous cold," heavy snow and flash freezing across the central and eastern U.S. through the rest of the week, forecasters warned today as the country heads into the Christmas holiday season.
"A strong winter storm will form on this front with blizzard conditions," the National Weather Service tweeted. The severe weather might cause travel chaos and power outages across the U.S.
The latest weekly petroleum report of the U.S. Energy Information Administration showing a larger-than-expected inventory draw also contributed to the oil price rise.
Data from Energy Information Administration (EIA) showed crude inventories in the U.S. fell by 5.89 million barrels last week, more than 3.5 times the estimated decline of 1.66 million barrels.
