Oil prices rose in early Asian trading on Thursday, continuing the gains they started in the previous session, supported by a larger-than-expected weekly drawdown of US crude inventories and signals from the Federal Reserve (US central bank) that it will start reducing borrowing costs in 2024.
Low interest rates lower consumer borrowing costs, which can boost economic growth and oil demand. These signals also led to a decline in the dollar, which makes oil less expensive for buyers abroad.
Brent futures rose 46 cents, or 0.6 percent, to 74.72 dollars a barrel by 0007 GMT, while WTI rose 48 cents, or 0.7 percent, to 69.95 dollars.
Prices rose in the previous session amid concerns about the security of oil supplies in the Middle East after the attack on a tanker in the Red Sea.
