Oil prices rose slightly on Thursday after two straight sessions of declines as investors reassessed the latest data on U.S. crude and gasoline stocks and returned to buying mode.
May Brent crude futures rose 31 cents, or 0.4%, to $86.40 a barrel, while the more actively traded June contract rose 32 cents, or 0.4%, to $85.73 at 04:15 GMT. The May contract expires on Thursday.
West Texas Intermediate (WTI) crude oil futures for May rose 39 cents, or 0.50%, to $81.74 a barrel.
Both indicators are on track to complete an increase for the third consecutive month, increasing by approximately 4.5% compared to last month.
According to Energy Information Administration (EIA) data, oil prices remained under pressure in the previous session following last week’s unexpected increase in US crude oil and gasoline stocks due to an increase in crude imports and sluggish gasoline demand.
However, the crude stock increase was smaller than the increase predicted by the American Petroleum Institute (API).
US inventories are expected to rise less than usual, reflecting a slight deficit in the global oil market. This will likely provide support to the Brent crude oil price going forward.
US refinery utilization rates, which increased by 0.9 percent last week, also provided support to prices.
Recent disappointing inflation data have confirmed the US Federal Reserve’s decision to delay lowering its short-term interest rate target. Still, it should not be ruled out that interest rates may be lowered later in the year.
