Oil Updates — crude rebounds after surprise drop in US unrefined, gasoline stocks

SINGAPORE: Oil prices rebounded on Thursday as US crude and gasoline stock drawdowns lent support despite signs that the US Federal Reserve may keep interest rates higher for longer, according to Reuters.

Brent crude futures for May rose 46 cents, or 0.5 percent, to $86.41 a barrel by 10:30 a.m. Saudi time, after falling 1.6% on Wednesday.

US West Texas Intermediate futures for May climbed 38 cents, or 0.5 percent, to $81.65 a barrel, after sliding about 1.8 percent in the previous session.

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