New York: Oil prices rose for the second day in a row, on Thursday, after a larger-than-expected drop in US crude inventories reinforced concerns about supplies resulting from US sanctions on Russian energy trade.

According to National Iraqi News Agency, Brent crude futures rose 30 cents, or 0.4 %, to $82.33 a barrel, after rising 2.6 % in the previous session to their highest levels since July 26. US West Texas Intermediate crude futures rose 32 cents, or 0.4 %, to $80.36 a barrel, after rising 3.3 % in the previous session, to reach their highest levels since July 19.

Prices rose after the US Energy Information Administration announced yesterday that domestic crude oil inventories fell for the seventh time in a row last week, the longest series of declines since July 2021.