Futures Movers: Oil prices lifted by drop in U.S. gasoline stocks

Crude prices regained some lost ground on Thursday after data showed U.S. gasoline and distillate stocks declined despite a continued build-up in American production.

Brent crude LCOK7, -0.16% the global oil benchmark, rose 0.3% to $50.78 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures CLK7, -0.19% were trading up 0.3% at $48.18 a barrel.

Prices ticked higher after data from the U.S. Energy Information Administration showed U.S. gasoline stocks fell by 2.8 million barrels in the week ended March 17, marking a fifth straight drawdown.

Gasoline demand is expected to increase as U.S.

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