Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in US crude stockpiles, rebounding from multi-month lows touched this week.
Brent tumbled to its weakest since early January on Monday, and WTI dipped to its lowest since February as US recession outweighed the potential for Middle East supply disruptions.
US crude inventories fell for a sixth week in a row last week, dropping by 3.7 million barrels last week, the EIA showed, against analyst expectations for a 700,000-barrel draw.
Oil prices could rise to the low-to-mid-$80's where selling strength is recommended, Citi Research said in a note on Wednesday, citing factors including geopolitical tensions and weather.
China’s crude oil imports fell nearly 9% in July from the previous month to just over 42 million tons as refiners slowed purchases after cutting run rates to cope with poor margins.
The situation is unlikely to improve in coming months as ailing consumer confidence and the property slump bit. Meanwhile, electric and gas-powered vehicles continue to chip away at traditional fuels.
Brent crude remained well below the downtrend line despite the ongoing rally. A pullback to $78 will potentially set the stage for another movement towards $76.5.
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