Oil prices rose on Thursday after U.S. government data showed a drawdown in domestic crude stocks.
Benchmark Brent crude climbed 0.75 percent to $60.74 a barrel, extending gains for a fifth consecutive session. West Texas Intermediate (WTI) crude futures were up 0.7 percent at $56.08 per barrel.
Data released by Energy Information Administration on Wednesday showed that U.S. crude stockpiles dropped by 2.7 million barrels in the week ended August 16, after registering increases in the previous two weeks.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.