Oil ticked higher on Thursday after two days of declines, with a larger-than-expected draw in U.S. crude inventories offering some support.
Brent crude futures rose half a percent to $60.25 a barrel, while WTI crude futures were up 0.4 percent at $56.22.
Traders are buying on dips in the market after the release of inventory data from the Energy Information Administration (EIA).
The EIA report revealed that U.S. crude oil inventories fell by 3.83m barrels over the past week, marking the largest decrease since late October.
For comments and feedback contact: editorial@rttnews.com
Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.