Oil Prices Extend Gains After Drop In U.S. Stockpiles

Crude oil prices rose on Thursday in early Asian trading, extending gains from the previous session after official data showed U.S. stockpiles had eased from record highs.

Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many anticipated.

U.S. West Texas Intermediate (WTI) crude was up 28 cents, or 0.6 percent, at $49.14 a barrel by 0010 GMT, having surged 2.4 percent in the previous session to settle at $48.86, its first increase in eight days.


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