LONDON—Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Brent crude futures for September rose $1.65, or 1.55 percent, to $108.27 a barrel by 1034 GMT, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) was at $99.29 a barrel, up $2.03, or 2.09 percent, after rising $2.28 in the previous session.
“Yesterday’s stock market rally after the Fed’s rate hike and the consequent easing of the dollar helped oil prices re-gain their footing,” Tamas Varga, analyst at PVM Oil Associates, said….