Oil prices cruise higher on a drawdown in U.S. crude stocks

Oil prices extended the overnight gains in early Asia trade Thursday, thanks to the continuous drawdown in U.S. crude stocks, but the increase in gasoline stocks is keeping prices under pressure.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLQ6, +0.45%  at $45.88 a barrel, up $0.28 in the Globex electronic session. September Brent crude LCOU6, +0.59%  London’s ICE Futures exchange rose $0.20 to $47.37 a barrel.

Prices got a boost after the U.S. Energy Information Administration data released Wednesday showed the country’s crude stockpiles contracted by 2.3 million barrels in the week ended July 15, marking the ninth straight week of reduction. However, at 519.5 million barrels, U.S. crude inventories are still at historically high levels for this time of the year, said the agency.

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