Oil prices rise for third day as US data shows strong demand
On the supply side, an Opec source says there are no immediate plans to increase output to make up for falling supplies from Iran
Tokyo — Oil rose for a third day on Thursday amid another drawdown in US inventories and strong US demand for petrol. Prices drew further support from signs that the Opec cartel might not raise output to address shrinking supplies from Iran. Global benchmark Brent crude was up 20c or 0.3% at $79.60 by 2.14am GMT, after gaining 0.5% on Wednesday. US West Texas Intermediate crude was up 55c or 0.8% at $71.67 a barrel, after rising nearly 2% the previous session. US crude oil stockpiles fell for a fifth straight week to three-and-a-half-year lows in the week to September 14, while petrol inventories also showed a larger-than-expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday. Crude inventories declined by 2.1-million barrels, the EIA data showed, compared with expectations for a decrease of 2.7-million barrels. "The bulls are back in charge, even more so after traders were conveying a high degree of resistance to the unexpected build on...
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