Oil prices rise, Brent crosses $69

Brent crude prices rose marginally on Thursday, after US oil inventories fell last week to their lowest levels since February.

International benchmark Brent crude was trading up 0.17% at $69.08 per barrel, at 9.48 am Makkah time.

WTI crude settled at $65.66 per barrel.

“The failure of Brent to break above $70 per barrel highlights that there is still plenty of concern over the demand outlook,” said Warren Patterson, head of commodities strategy at ING Group. “India is a worry for the market, particularly if we eventually see a national lockdown.”

US crude inventories fell by nearly 8 million barrels last week, according to data from the Energy Information Administration (EIA).