Oil prices globally rose by more than US$1 per barrel today, extending gains from the previous trading sessions following a bullish trend among investors, a drop in US crude oil inventories, and an upsurge in petrol (gasoline) demand in the US.

Brent crude futures for Septermber 2022 delivery rose by US$1.2 to hit US$107.82 per barrel, marking an increase of 1.1 per cent. Crude had risen by US$2.22 a barrel on Wednesday.

Meanwhile, West Texas Intermediate crude rose by US$1.44, or 1.5 per cent, to US$98.70 a barrel, after increasing US$2.28 a barrel in the previous session.

The Federal Reserve raised interest rates by 0.75 per cent points yesterday, in line with expectations to control inflation, while the dollar fell on hopes of a slower rate hike.

Data from the US Energy Information Administration revealed that US crude stocks fell by 4.5mn barrels last week, compared to expectations for a decline of one million barrels, while demand for gasoline in the United States increased by 8.5 per cent on a weekly basis.