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.
However, gasoline inventories were up 300,000 barrels last week and distillate stockpiles increased by 2.6 million barrels.
Oil markets also remained supported by simmering tensions between the United States and Iran, with Iranian President Hassan Rouhani striking a muscular tone on dealings with the United States.
In a speech in Tehran during the unveiling of the Bavar-373, Rouhani said that talks are useless when enemies do not accept logic.
Iran's state TV reported that the Bavar-373 is able to recognize up to 100 targets at a same time and confront them with six different weapons.
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Market Analysis
December 26, 2025 08:42 ET Third quarter economic growth data from some major economies including the U.S. were the main news in this holiday shortened week. GDP growth and industrial production data from the U.S. helped to boost morale, while the consumer confidence survey results were less upbeat. In Europe, the quarterly economic growth data from the U.K. drew attention, while the minutes of the Australian central bank’s latest policy session was in focus in Asia.