Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank's cut in banks' reserve ratio reinforced hopes of more stimulus measures and economic recovery.
"A significant drop in the U.S. oil inventories and expectations of China's economic recovery and more stimulus measures supported oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
U.S. crude stockpiles tumbled by 9.2 million barrels last week, the Energy Information Administration said, more than quadruple the 2.2 million-barrel draw analysts forecast in a Reuters poll.
Oil prices also drew support from hopes for China's economic recovery.
"Oil investors do need a concrete catalyst to propel prices any further which honestly seem (to be) missing for now, Sachdeva said.
Persons:
Toshitaka Tazawa, Priyanka Sachdeva, Phillip Nova, Sachdeva
Organizations:
Brent, U.S, West Texas, Fujitomi Securities, Energy Information Administration
Locations:
U.S, China, Yemen