Oil rises on US crude inventories data

Oil drilling rigs

Oil prices went up on Thursday after official data showed a larger-than-expected rise in the US crude stockpiles over the past week, following four consecutive weeks of increases, indicating a recovery in demand despite concerns about economic slowdown.

Brent crude for June delivery added 0.23% to $88.22 a barrel at 09:19 am KSA Time.

Similarly, futures prices for US West Texas Intermediate (WTI) crude for June delivery advanced 0.18% to $82.96 a barrel.

Data from the Energy Information Administration (EIA) released on April 24 showed a decline in crude oil stocks by 6.4 million barrels during the week ended April 19, after rising over the previous four weeks and against expectations of a 2.1 million barrel decrease.

"Tensions between Iran and Israel have eased, but Israeli attacks on Gaza are expected to worsen, and the risk of conflicts spreading to neighboring countries is underpinning oil prices," Reuters reported, citing Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.