Oil prices rose in early Asian trading on Thursday, paring the sharp losses incurred over the past two sessions, after oil sector data showed an unexpected drop in US crude inventories last week.
Brent crude futures rose 45 cents, or 0.6 %, to $74.67 a barrel, while US West Texas Intermediate crude futures reached $70.84, up 45 cents, or 0.6 %.
Both crudes fell at settlement on Wednesday to their lowest levels since October 2, for the second day in a row.
The two benchmarks have fallen by between six and seven percent since the beginning of the week so far after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency lowered demand forecasts for 2024 and 2025.
Source: National Iraqi News Agency