Oil Rises on US Inventory Draw, Dollar Weakness

Oil Rises on US Inventory Draw, Dollar Weakness
Pumpjacks are seen during sunset at the Daqing oil field in Heilongjiang Province, China, on Aug. 22, 2019. Stringer/Reuters
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LONDON—prices rose on Thursday, extending the previous session’s gains, on a bigger-than-expected weekly withdrawal from U.S. crude storage and a weaker dollar after the U.S. central bank signalled lower borrowing costs for 2024.

Brent futures was up $1, or 1.3 percent, to $75.26 a barrel as of 0900 GMT. U.S. West Texas Intermediate (WTI) crude climbed 80 cents, or 1.1 percent, to $70.27.