Oil Prices Rebound Amid Surprise Drawdowns in US Crude Inventories
Oil prices rebounded on Thursday as US crude and gasoline stock drawdowns lent support to the market, despite signs that the US Federal Reserve may keep interest rates higher for longer.
Brent crude futures for May rose 46 cents, or 0.5 percent, to $86.41 a barrel by 10:30 a.m. Saudi time, after falling 1.6% on Wednesday.
US West Texas Intermediate futures for May climbed 38 cents, or 0.5 percent, to $81.65 a barrel, after sliding about 1.8 percent in the previous session.
The rebound was attributed to unexpected drawdowns in US crude inventories, which fell by 2 million barrels to 445 million barrels in the week ended March 15, according to the US Energy Information Administration.
Analysts believe that continued concerns over supply disruptions due to Ukrainian attacks on Russian refineries are also supporting prices.