Oil prices rose on Thursday, extending gains from the previous session, after US inventories declined at the fastest pace in nearly two months last week.

 

International benchmark Brent crude was trading up 0.5% at $66.89 per barrel, at 9.51 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.4% to $63.41 per barrel.

 

The International Energy Agency (IEA) raised its global oil demand estimate for 2021 as the world economy begins to recover from the COVID-19 pandemic.

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IEA hikes global oil demand forecast for 2021

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