Oil prices rise amid sharp drop in US crude inventories

Oil prices rose on Thursday for the third consecutive session after government data showed a sharp decline in US crude inventories, recovering prices from multi-month lows touched this week. Brent crude futures rose 23 cents, or 0.3 %, to $78.56 a barrel, while US West Texas Intermediate crude rose 29 cents, or 0.4 %, to $75.52. The US Energy Information Administration had previously announced that US crude inventories fell for the sixth week in a row, falling by 3.7 million barrels to 429.3 million last week. It is noteworthy that Brent crude futures fell on Monday to their lowest levels since early January, while West Texas Intermediate crude futures touched their lowest levels since February, as global stock markets fell amid fears of a possible economic recession in the United States after weak jobs data. Source : National Iraqi News Agency