Oil prices rose on Thursday after data showed U.S. crude inventories fell more than expected last week. China's central bank announcement to cut banks' reserve requirements raised hopes for more stimulus measures and economic recovery.
Brent crude for March delivery rose 20 cents, or 0.3 percent, to $80.24 a barrel. U.S. West Texas Intermediate crude rose 22 cents, or 0.3 percent, to $75.31 a barrel.
A significant drop in U.S. oil inventories, expectations of an economic recovery and further stimulus measures in China have boosted oil prices.
Source (Al-Arabiya.net Website, Edited)
