Oil Prices Rise in Early Trading

Oil prices rose in early trading on Thursday, recovering some of the previous day's loss, on hopes of potential US interest rate cuts boosting economic activity and fuel demand. Brent crude futures climbed 17 cents, or 0.2%, to $79.93 a barrel. US West Texas Intermediate crude increased by 23 cents, or 0.3%, to $77.21 per barrel. Both benchmarks fell more than 1% on Wednesday after US crude inventories rose unexpectedly. US crude oil stockpiles rose by 1.4 million barrels in the week ended Aug. 9, compared with estimates for a 2.2 million barrel draw, building for the first time since late June, Energy Information Administration (EIA) data showed on Wednesday. Source: Qatar News Agency