Oil climbs 1% after surprise US crude stock draw

Oil prices rose around 1 per cent on Thursday, extending gains from the previous session after a surprise third consecutive weekly US crude inventory draw tightened the market. US West Texas Intermediate (WTI) crude oil futures were trading at $45.81 per barrel at 0301 GMT, up 47 cents, or 1 per cent, from their previous close.

The contract had already gained as much as 3 per cent the day before. Prices jumped after a report from the US Energy Information Administration (EIA) showed a 6.2 million-barrel drop in crude oil inventories.

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