Oil prices rose on Thursday after a drop in U.S. crude stockpiles, even as rising coronavirus case numbers globally fueled demand concerns.

 

U.S. Energy Information Administration reported US crude inventories fell by 7.4 million barrels in the week to July 31 to 518.6 million barrels.

 

Brent crude futures rose 0.7% to $45.50 a barrel, while US West Texas Intermediate (WTI) crude futures gained 0.5% to $42.39 a barrel.

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