By Noah Browning
LONDON (Reuters) -Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank’s cut in banks’ reserve ratio reinforced hopes of more stimulus measures and economic recovery.
Brent crude futures were up 97 cents, or 1.2%, to $81.01 a barrel at 0955 GMT, while U.S. West Texas Intermediate crude was up $1.03, or 1.4%, to $76.12 a barrel.
“A significant drop in the U.S. oil inventories and expectations of China’s economic recovery and more stimulus measures supported oil prices,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.
“Tensions in the Middle East were also behind buying,” he added.
U.S. crude stockpiles tumbled by 9.2 million barrels last week, the Energy Information Administration said, while analysts in a Reuters poll had expected a 2.2 million-barrel draw.
The draw was driven by a stark drop in U.S. crude imports as winter weather…
