Oil prices rose slightly on Thursday as investors factored in firm winter fuel demand expectations despite large U.S. fuel inventories and macroeconomic concerns.
Brent crude futures were up 35 cents, or 0.5%, at $76.51 a barrel by 1246 GMT. U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $73.62.
Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in U.S. fuel stockpiles pressured prices.
Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.
U.S. President Joe Biden is expected to announce new sanctions targeting Russia's economy this week, according to a U.S. official. The move is part of efforts to bolster Ukraine's war effort against Russia before President-elect Donald Trump takes office on Jan. 20. A key target of sanctions so far has been Russia's oil industry.
The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of Trump's entrance into the White House.
Source: Investing.com
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