Oil prices kept rising on Thursday after official data showed a much-bigger-than-expected decline in U.S. crude stockpiles.
The U.S. Energy Information Administration (EIA) said in a weekly report on Wednesday that the country's crude stocks dropped by 9.9 million barrels last week, marking the largest weekly decline so far this year.
Gasoline stockpiles rose by 1.2 million barrels for the week, while distillate stockpiles were unchanged for the week, according to the EIA.
Meanwhile, traders kept a close eye on production at Syncrude Canada's 360,000 barrel-per-day oil sands facility, which has been shut down for more than a week, amid reports saying the facility may stay offline through July.
The West Texas Intermediate for August delivery rose 0.69 U.S. dollar to settle at 73.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added 0.23 dollar to 77.85 dollars a barrel on the London ICE Futures Exchange.
Sources:ctvplus
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