Oil prices experienced a slight increase on Thursday following two consecutive sessions of losses, driven by renewed worries about potential disruptions in Libyan oil supplies.
As of 03:55 GMT, Brent crude futures rose by nine cents, or 0.11%, reaching $78.74 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.2%, climbing to $74.67 per barrel.
Both benchmarks had declined over 1% on Wednesday after data revealed a decrease in U.S. crude inventories, which fell by 846,000 barrels to 425.2 million barrels last week. This drop was less than the anticipated 2.3 million barrel reduction projected by analysts in a Reuters poll.
Analysts noted that heightened concerns regarding possible supply disruptions from Libya - a member of the Organization of the Petroleum Exporting Countries (OPEC) - contributed to the positive momentum in the market.
Economy
