Oil prices rose on Thursday on expectations of a hefty stockpile draw at the U.S. oil storage hub at Cushing, Oklahoma, reversing the previous day’s loses spurred by data showing U.S. crude output at its highest in two years.
Inventories at Cushing, the delivery hub for U.S. crude futures, declined more than a million barrels in the week to Aug. 15, traders said citing estimates from energy industry information provider Genscape.
In the latest week to Aug. 11 for which government data was available, Cushing inventories increased nearly 700,000 barrels.
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