Oil Rises on US Crude Stocks Data, Tight Supply Outlook

Oil Rises on US Crude Stocks Data, Tight Supply Outlook
An oil pump jack pumps oil in a field near Calgary, Alberta, on July 21, 2014. Todd Korol/Reuters
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Oil prices rose on Thursday as robust U.S. fuel consumption data and expected falls in Russian supply later in the year offset concerns that a possible recession in developed economies could undercut demand.

Brent crude futures climbed $1.27, or 1.4 percent, to $94.92 a barrel by 1117 GMT. U.S. crude futures gained 93 cents, or 1.1 percent, to $89.04 a barrel.