Oil jumps 1% on surprise draw, Norway strike

Oil prices on both the sides of the Atlantic rise for the second straight session this Thursday, building on yesterday’s gains, in wake of bullish EIA stockpiles report, weaker USD and Norwegian strike.

Oil awaits US rigs data

Currently, both crude benchmarks climb further, with Brent up +0.90% at $ 47.30, while WTI rallies almost 1% $ 45.76. Oil prices keep the bullish momentum intact, as traders continue to cheer a surprise draw witnessed in the US crude reserves, as reflected by the EIA report a day before.

The US EIA data showed a 6.2 million-barrel drop in crude oil inventories last week to 504.6 million barrels. Reuters poll forecasted a 3.4 million-barrel build.

Moreover, the black gold also found support from an oil workers' strike in Norway, which raised supply disruption concerns. While confusing FOMC-led decline in the US dollar across the board further bolstered the demand for oil at the expense of the buck.

Nothing of note for the oil markets in the day ahead, and hence, oil prices will remain at mercy of the USD price-action and developments surrounding the Algerian meeting scheduled next week.