Investing.com - West Texas Intermediate crude oil futures extended gains on Thursday, after rising more than $1 the previous day after weekly supply data showed a sharp fall in U.S. stocks last week.
On the New York Mercantile Exchange, U.S. crude oil for delivery in August rose to a session high of $102.10 a barrel, the most since July 11, before trimming gains to last trade at $102.04 during European morning hours, up 0.83%, or 83 cents.
U.S. oil futures rallied 1.24%, or $1.24, to on Wednesday to settle at $101.20 a barrel.
New York-traded oil futures were likely to find support at $100.07 a barrel, the low from July 16 and resistance at $102.92 a barrel, the high from July 11.
The U.S. Energy Information Administration said Wednesday that U.S. crude oil inventories declined by 7.5 million barrels last week, compared to expectations for a decline of 2.1 million barrels.
Total U.S. crude oil inventories stood at 375.0 million barrels as of last week.
Investors looked ahead to key U.S. economic data later in the day for further indications on the strength of the economy and the future course of monetary policy.
The U.S. was to publish reports on initial jobless claims, housing starts, building permits, and the Philly Fed manufacturing index later in the day.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery rose 0.43%, or 46 cents, to trade at $107.63 a barrel, as investors continued to monitor geopolitical developments in Libya and Iraq amid concerns over a disruption to supplies from the region.