Oil prices rose on Thursday morning after data showed that U.S. crude inventories dropped and refinery demand was high, although the outlook remains for cheap oil as oversupply persists.
U.S. crude inventories fell 4.3 million barrels last week, according to the Energy Information Administration (EIA), as refineries boosted throughput to a record level.
“The decline in crude stock was driven by a jump in refinery throughput to a record high of 16.8 million barrels,” ANZ bank said. Front-month U.S. crude futures were trading at $51.94 per barrel at 0421 GMT, up 53 cents from their last settlement. Front-month Brent crude was also up half a dollar at $57.55 a barrel.