Oil Extends Gains as Risk Appetite Improves, US Inventories Fall

An oil pumping machine is seen as non-usable gases are being burnt behind it in Sakir, south of Manama, on Oct. 11, 2014. Hamad I Mohammed/Reuters

LONDON—Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.

Brent crude futures for September rose $1.65, or 1.55 percent, to $108.27 a barrel by 1034 GMT, after gaining $2.22 on Wednesday.