SINGAPORE: Oil prices extended gains from the previous session in Asian trading on Thursday after a surprise third consecutive weekly U.S. crude inventory draw tightened the market. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $45.59 per barrel at 0045 GMT(0745 Malaysian time Thursday), up 25 cents from their previous close. "Oil prices rose after EIA data showed U.S. crude inventories declined to the lowest level since February," ANZ bank said in a note on Thursday. A weaker dollar after the Federal Reserve left U.S. interest rates unchanged also supported oil prices as it makes dollar-traded fuel imports cheaper for countries using other currencies. Despite recent gains, analysts said that oil prices would likely remain range-bound at relatively low levels, putting pressure on oil producers.

Source: The Star September 22, 2016 01:18 UTC