2019.08.2206:25:00UTC+00Oil Prices Rise On Stock Drawdown, Iran-West Tensions

Oil prices rose on Thursday after U.S. government data showed a drawdown in domestic crude stocks.

Benchmark Brent crude climbed 0.75 percent to $60.74 a barrel, extending gains for a fifth consecutive session. West Texas Intermediate (WTI) crude futures were up 0.7 percent at $56.08 per barrel.

Data released by Energy Information Administration on Wednesday showed that U.S. crude stockpiles dropped by 2.7 million barrels in the week ended August 16, after registering increases in the previous two weeks.

However, gasoline inventories were up 300,000 barrels last week and distillate stockpiles increased by 2.6 million barrels.

Oil markets also remained supported by simmering tensions between the United States and Iran, with Iranian President Hassan Rouhani striking a muscular tone on dealings with the United States.

In a speech in Tehran during the unveiling of the Bavar-373, Rouhani said that talks are useless when enemies do not accept logic.

Iran's state TV reported that the Bavar-373 is able to recognize up to 100 targets at a same time and confront them with six different weapons.