Oil futures climbed Thursday as government data confirmed a third consecutive weekly decline in domestic crude oil inventories, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, November West Texas Intermediate crude rose 98 cents, or 2.2%, to settle at $46.32 a barrel, its highest finish since September 8. That marked a fourth consecutive session climb for WTI. For the week so far, the contract is trading more than 6% higher.
November Brent crude, the global benchmark, rose 82 cents, or 1.8%, to end trading at $47.65 a barrel on London’s ICE Futures Exchange, marking its second straight session gain. It settled at its highest since September 12.
On Wednesday, prices rallied after data released by the U.S. Energy Information Administration showed a larger-than-expected 6.2 million barrel fall in domestic crude stockpiles for the week ending September 16.
October natural gas fell 6.7 cents, or 2.2%, to settle at $2.99 per million British thermal units on the New York Mercantile Exchange.