Investing.com - Oil prices rose on Thursday, building on Wednesday’s sizable gains, in what is expected to be thin volume ahead of the Christmas break.
U.S. crude futures were up 0.41% at $37.66 a barrel at 9.51 GMT, after rallying 3.76% on Wednesday after data showed that U.S. oil stockpiles fell by 5.9 million barrels last week. Market analysts' expected a crude-stock gain of 1.1 million barrels.
Internationally traded Brent futures were up 0.07% to $37.40. The global benchmark jumped 3.46% in the prior session after falling to 11-year lows of $35.98 earlier this week.
Meanwhile, the WTI crude contract widened its premium over Brent.
U.S. crude has been firmer relative to Brent recently, on signs that the U.S. oil market is likely to grow tighter, while a global glut gets worse in 2016.