Gasoline stocks rose by about 846,000 barrels, while distillate stocks rose by about 1.7 million barrels, according to the sources, who spoke on condition of anonymity
Brent crude futures had risen 12 cents to $86.24 per barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 30 cents to $80.45
Both OPEC and US Energy Department have cut their demand outlooks, while a flare-up in Covid cases in China has sparked fresh concerns over fuel consumption in the world's top crude importing-country
The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg
Oil prices fell on Wednesday ahead of a key U.S. report on inflation and after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand.
Crude oil showed a declining trend, and prices are still stable in India. Petrol in Delhi is available at Rs 96.72, while Mumbai is selling at Rs 106.31 per litre. Check out fuel rates in your city
Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in US crude stockpiles.
LONDON (Reuters) -Oil prices fell more than $4 on Thursday as investors focused on the prospect of a large U.S. rate hike later this month that could stem inflation but at the same time hit oil demand.
US crude oil stockpiles fell last week by 5.1 million barrels to 414.7 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Oil prices could get more support later on Thursday if analysts' forecasts are correct that US crude inventories declined by around 1.4 million barrels last week
The gains come on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging war on Ukraine that will target Moscow's oil industry.
Brent futures were up $1.50, or 1.3%, at $113.20 a barrel at 0030 GMT, and U.S. West Texas Intermediate futures rose 98 cents, or 0.9%, to $107.93 a barrel
Brent crude was up $2.72, or 2.6%, to $107.36 a barrel by 12:52 p.m. (1652 GMT) U.S. West Texas Intermediate (WTI) crude futures gained $2.39, or 2.4%, to $102.99
Oil futures edged lower on Wednesday following a surprising rise in US crude stocks and after news that large consuming nations would also release oil from reserves in conjunction with US
U.S. oil exports have climbed following Russia's invasion of Ukraine, and barrels of domestic oil are instead being exported via the Gulf Coast, traders said
