03.09.202110:15:00UTC+00Oil Rises On Growth Optimism

Oil prices edged higher on Friday amid expectations of improving economic growth despite the coronavirus pandemic.

Benchmark Brent crude futures rose 0.6 percent to $73.45 a barrel, while West Texas Intermediate crude oil futures were up 0.2 percent at $70.16.

Oil prices are rising on optimism about a strong global economic recovery and increased demand for oil after recent data pointed to sizable draw in U.S. crude inventories last week.

Data released by Energy Information Administration on Wednesday showed U.S. oil stockpiles dropped by 7.169 million barrels last week, more than twice the expected drop of about 3.1 million barrels.

Investors are confident that the market can absorb additional supply from OPEC+ as the U.S. Gulf grapples with Hurricane Ida's impact.

OPEC+ on Wednesday agreed to add another 400,000 barrels per day of supply each month to the market through December, despite revising its 2022 demand outlook upwards.