Oil Prices Rise Amid Sharp Fall in US Crude Inventories

Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in US crude stockpiles, rebounding from multi-month lows this week. Brent crude futures rose 23 cents, or 0.3%, at $78.56 a barrel, while US West Texas Intermediate (WTI) crude gained 29 cents, or 0.4%, to $75.52. US crude inventories fell for a sixth week in a row last week, dropping by 3.7 million barrels to 429.3 million barrels last week, US Energy Information Administration (EIA) data showed. Brent tumbled to its weakest since early January on Monday, and WTI dipped to its lowest since February, hurt by worry over a US recession and a selloff in global stocks. Source: Qatar News Agency