Oil Edges Higher on Lower US Crude Stocks, Cautious Outlook

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan, on Nov. 12, 2021. Kyodo/via Reuters

LONDON—Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious.

September Brent futures climbed 6 cents, or 0.1 percent, to$79.52 a barrel by 0929 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 21 cents, or 0.3 percent, to $75.56 a barrel.