Investing.com — Oil prices edged higher on Thursday after data showed weekly U.S. crude inventories fell unexpectedly last week, signaling renewed demand after weather-related disruptions.
At 2:30 PM ET (1830 GMT), West Texas Intermediate crude futures were 0.4% higher at $70.67 per barrel and rose 0.3% to $74.44 per barrel.
Inventories fell by roughly 2.2 million barrels in the week ended Oct. 11 and Oct. 25, clouding expectations of about 1.8 million barrels.
Gasoline inventories, one of the products into which crude oil is refined, rose by about 2.2 million barrels, compared with expectations of a decline of 1.4 million barrels, while distillate inventories increased by 3.5 million barrels, compared to expectations for a decline of 2.5 million barrels.
Outside the US, a briefing on Thursday from China’s Housing Ministry on plans to shore up China’s sputtering real estate market failed to calm fears of a slowdown in growth in the world’s second-largest economy.
Elsewhere, the European Central Bank cut rates at a second straight meeting, noting that the inflation outlook is increasingly under control and economic indicators are weakening. The cut could provide some support to oil prices as cheaper borrowing costs could theoretically boost demand.
(Scott Kanowsky and Ambar Warrick contributed reporting.)
