2018.09.2006:50:00UTC+00Oil Rises For Third Day

Oil prices extended gains for a third day Thursday after the Energy Information Administration (EIA) report on Wednesday showed another drawdown in U.S. inventories and strong U.S. gasoline demand.

Investors also bet that rising output from OPEC and other members may not be adequate to address shrinking supplies from Iran.

Global benchmark Brent crude was up 8 cents at $79.48 a barrel after rising half a percent on Wednesday.

U.S. West Texas Intermediate crude futures were up 26 cents at $71.03 after climbing nearly 2 percent the previous day.

U.S. crude oil stockpiles fell 2.1 million barrels in the week to Sept. 14 to 394.1 million barrels, the lowest level since February 2015, EIA data showed.

Gasoline inventories also showed a larger-than-expected draw on unseasonably strong demand.

OPEC and its allies will be meeting in Algiers this weekend to discuss proposals for sharing out an oil-output increase.