Oil prices traded higher on Thursday after industry data showed a decline in the crude oil inventories in the United States.
Overall gains, however, were limited by a stronger dollar, expectations of more U.S. rate hikes and lingering concerns about China's economic recovery.
Benchmark Brent crude futures rose half a percent to $77 a barrel, while WTI crude futures were up 0.6 percent at $72.22.
Data released Wednesday by the industry group American Petroleum Institute showed that U.S. crude oil inventories fell by 4.4 million barrels in the week to June 30, far more than expectations for a draw of 1.8 million barrels.
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Market Analysis
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.