Oil prices continued to rise on Thursday after data showed strong demand for fuel in the United States, while the US Federal Reserve ended its bond purchases program to slow rising inflation.
Brent crude futures rose 0.81% to $74.48 a barrel, and the contracts ended yesterday’s trading at $73.88 a barrel.
Meanwhile, US West Texas Intermediate crude futures rose 1% to $71.58 a barrel, and US crude closed Wednesday’s trading at $70.87 a barrel.
Government data showed a decline in US oil stocks by 4.6 million barrels last week, as did gasoline and distillate stocks. US crude exports rose sharply, while demand for oil derivatives in the United States hit a record high at 23.2 million barrels per day.
The US Federal Reserve also said that it would end bond purchases in March 2022, and start raising interest rates to counter inflation.