ENERGY MARKETS - Oil prices rose after unexpected drop in U.S. crude stockpiles
Istanbul, October 17 (Hibya) - Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions after industry data showed an unexpected drop in U.S. crude stockpiles last week.
Brent crude futures rose 45 cents, or 0.6 percent, to $74.67 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude futures were at $70.84 a barrel, up 45 cents, or 0.6 percent.
Both crude benchmarks settled down on Wednesday, closing at their lowest levels since Oct. 2 for a second day in a row.
The benchmarks are down 6-7 percent so far this week after the Organization of the Petroleum Exporting Countries and the International Energy Agency cut demand forecasts for 2024 and 2025.
Prices have also fallen as risk premiums have cooled with fears having eased that a retaliatory attack by Israel on Iran could disrupt oil supplies, though uncertainty remains over conflict in the Middle East.
Albania News Agency
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