West TX Oil Rallies to $94 After Steep Drop in Stockpiles

U.S. oil futures stretched overnight gains to trade near $93 a barrel on Thursday, heading for a third day of gains, after a steep drop in weekly crude stockpiles.

U.S. crude for November delivery was up 4 cents at $92.84 a barrel by 0008 GMT, after gaining $1.24 on Wednesday.  Brent oil was up a cent at $96.96 per barrel. The crude benchmark fell to as low as $95.60 on Wednesday, its weakest since July 2012, before rebounding modestly at the close.

U.S. crude stockpiles fell unexpectedly last week as imports dropped to their lowest level in four months, data from the Energy Information Administration showed on Wednesday.


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