LONDON—Oil prices crept higher on Thursday as a lower-than-expected drop in U.S. crude inventories and a weaker demand outlook kept investors cautious.
September Brent futures climbed 6 cents, or 0.1 percent, to$79.52 a barrel by 0929 GMT, while August U.S. West Texas Intermediate (WTI) crude gained 21 cents, or 0.3 percent, to $75.56 a barrel.
The August WTI contract expires on Thursday. The more active September WTI crude was 8 cents, or 0.1 percent, higher at $75.37.
Prices fell in the previous session after data showed U.S. inventories fell less than analysts expected.
“Yesterday’s U.S. EIA (Energy Information Administration) oil stock report proved something of a disappointment for those that were looking for inspiration,” PVM Oil analysts said….