Oil up 4% on robust U.S. fuel consumption, tight supply outlook

NEW YORK — Oil prices gained about 3% on Thursday as robust U.S. fuel consumption data and an expected drop in Russian supply later in the year offset concerns that slowing economic growth could undercut demand.

Brent futures rose $2.47, or 2.6%, to $96.12 a barrel by 11:41 a.m. EDT (1541 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.16, or 2.5%, to $90.27.

Prices rose more than 1% during the previous session, although Brent at one point fell to its lowest since February, as signs of a slowdown mounted in some places.

The oil complex is “advancing off the big (U.S.) crude stock draw, increased product demand and (the) apparent stall in Iranian nuclear negoti…

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