Oil prices edge up on low inventories high gasoline demand in U.S.

Oil prices edge up on low inventories high gasoline demand in U.S.

Summary : Oil prices edged up on Thursday, extending gains from the previous session, buoyed by lower crude inventories and higher gasoline demand in the United States.

U.S. crude oil stockpiles fell by 4.5 million barrels last week, while U.S. gasoline demand rebounded by 8.5% week on week, according to data from the Energy Information Administration. The weaker dollar also helped crude prices notch some gains as it makes oil, priced in dollars, cheaper for buyers in other countries to purchase.

U.S. crude oil production growth could also be limited by the availability of fracking equipment and crews, as well as capital constraints, executives said this week.

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