Oil price extends rise early Thursday after surprise US stock draw

Brent crude settled up 88 cents, or 1.8 percent, at $49.23 a barrel. It rose more after settlement, reaching $49.36, its highest since July 7. U.S. West Texas Intermediate crude rose 84 cents, or 1.8 percent, to settle at $46.58. It reached $46.73 after settlement, its highest since July 12.

SINGAPORE: Oil prices extended gains from the previous session in Asian trading on Thursday after a surprise third consecutive weekly U.S. crude inventory draw tightened the market.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $45.59 per barrel at 0045 GMT(0745 Malaysian time Thursday), up 25 cents from their previous close. The contract had already gained as much as 3 percent the day before.