Oil prices extend gains on Thursday

Oil prices extended gains for a fifth consecutive session on Thursday, with Brent crude rising 0.28 per cent to $91.87 per barrel and US West Texas Intermediate (WTI) crude adding 17 cents to $86, as concerns persisted over supply disruptions from the Middle East.

The market remained supported by the deadlock in efforts to end the US-Israeli war against Iran and sharply reduced shipping through the Strait of Hormuz, which previously handled about one-fifth of global oil consumption.

The conflict has also disrupted refined fuel supplies and reduced crude available to refiners. Meanwhile, US distillate inventories fell for a third consecutive week, although crude stocks rose by 4.4 million barrels in the week ended August 14, against expectations of a 600,000-barrel draw.

Attribution: Reuters