2023.03.3010:04:00UTC+00Oil Prices Rebound In Cautious Trade

Oil prices rebounded on Thursday after ending modestly lower in the previous session to snap a two-session winning streak.

Benchmark Brent crude futures jumped 0.7 percent to $78.13 per ounce, while WTI crude futures were up 0.9 percent at $73.59.

Concerns over turmoil in the banking sector eased, helping reduce fears about risks to economic growth and fuel demand.

The standoff with Kurdish oil flows via Turkey continues, with another international oil company stopping operations in the region following a court ruling that halted the autonomous region's oil exports to Turkey.

Disruptions in Kurdish oil shipments have cut out about 450,000 barrels per day, or 0.5 percent of daily global supply.

Meanwhile, EIA data showed U.S. crude oil inventories fell by 7.5 million barrels in the week to March 24, marking the biggest draw since late November.

The report also showed a larger-than-expected draw in gasoline stocks heading into the run-up to the summer season.

Earlier, the American Petroleum Institute reported hefty draws in U.S. oil inventories.