Drop in US stocks boosts higher oil prices

By Zeynep Beyza Kilic

ANKARA (AA) - Oil prices increased on Thursday as the decline in US crude stocks ease demand concerns, indicating a demand rebound in the country.

International benchmark Brent crude traded at $93.26 per barrel at 09.09 a.m. local time (0609 GMT) for a 0.92% gain from the closing price of $92.41 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) was at $85.66 per barrel at the same time for a 1.35% gain after the previous session closed at $84.52 a barrel.

The Energy Information Administration reported on Wednesday that US commercial crude oil inventories fell by 1.7 million barrels to 437.4 million barrels during the week ending Oct. 14, compared to the market expectation of a 1.5 million-barrel increase.

Meanwhile, the US revealed plans to release more oil from its emergency oil reserves by the end of the year, in a bid to combat high prices at the pump.

US President Joe Biden said 15 million barrels of oil would be offered from the Strategic Petroleum Reserve.