Oil prices extended gains on Thursday after official data showed a larger-than-expected drop in U.S. crude stockpiles.
The U.S. Energy Information Administration (EIA) said in a weekly report on Wednesday that the country's crude stocks fell by 2.6 million barrels last week, exceeding market estimates of a 1.39-million-barrel decrease.
Meanwhile, U.S. gasoline stockpiles fell 1.6 million barrels for the week, while distillate stockpiles shed 800,000 barrels, said the EIA. Analysts had expected both figures to show some increases.
U.S. sanctions on Iran were also in focus. Some traders worried that the global oil market may run short in the next few months after the sanctions take effect in early November.
The West Texas Intermediate for October delivery rose 0.74 U.S. dollar to settle at 70.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 0.63 dollars to 77.77 dollars a barrel on the London ICE Futures Exchange.
Editor:Yaling
