Oil Prices Rise on Tight Supply, Renewed Risk Appetite

A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, on May 21, 2018. Francis Mascarenhas/Reuters

LONDON—Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes.

Brent crude rose 9 cents, or 0.1 percent, to $76.28 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude was up 4 cents, or 0.1 percent, to $72.27 a barrel.