Oil prices rose on Thursday, recouping early losses, as crude stockpiles in the United States, the world’s largest oil consumer, fell more sharply than expected as refining output rose and exports surged.
Brent crude oil futures rose by 17 cents, or 0.3%, to $69.13 a barrel by 0343 GMT, and U.S. West Texas Intermediate (WTI) crude futures gained by 8 cents, or 0.1%, to $65.71 a barrel.
Both benchmarks had hit their highest since mid-March on Wednesday before retreating.
The Commonwealth Bank analysts said U.S. jet fuel demand is expected to surge by 30% in the second quarter compared with the first quarter on increased domestic travel.
Meanwhile, militants using bombs attacked two oil wells at an oilfield close to the northern Iraqi city of Kirkuk on Wednesday, killing at least one policeman and setting off fires, the country’s oil ministry said.
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