<p>Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices.</p>.<p>Brent crude futures for September rose $1.20, or 1.1%, to $107.82 a barrel by 0158 GMT, after gaining $2.22 on Wednesday.</p>.<p>US West Texas Intermediate crude (WTI) was at $98.70 a barrel, up $1.44, or 1.5%, after rising $2.28 in the previous session.</p>.<p>"Risk sentiment has recovered from recession fears due to the ongoing U.S. earnings optimism and a less aggressive Fed’s rhetoric on rate hikes, which supported a rally in the crude market," CMC Markets analyst Tina Teng said, adding that a weakened U.S. dollar has also lifted commodities prices.</p>.<p>The U.S. Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path.</p>.<p>A weaker dollar makes oil, priced in dollars, cheaper for buyers in other countries to purchase.</p>.<p>On supplies, U.S. crude oil stockpiles fell by 4.5 million barrels last week, against expectations of a 1 million-barrel drop, while U.S. gasoline demand rebounded by 8.5% week on week, according to data from the Energy Information Administration.</p>.<p>"The U.S. consolidated its position as the world’s largest petroleum exporter," Citi analysts said in a note, as the combined gross exports of crude oil and refined products at a record 10.9 million barrels per day.</p>.<p>U.S. crude exports reached a record 4.6 million bpd, Citi said. Exports are rising as WTI traded at a steep discount to Brent, making purchases of U.S. crude grades more attractive to foreign buyers. </p>.<p>Prices also found support as the Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec. 5, a senior G7 official said on Wednesday.</p>.<p>U.S. crude oil production growth could also be limited by the availability of fracking equipment and crews, as well as capital constraints, executives said this week.</p>.<p>In the meantime, Russia has cut gas supply via Nord Stream 1 - its main gas link to Europe - to just 20% of capacity. That could lead to switching to crude from gas and prop up prices for oil in the short term, analysts said. </p>
<p>Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices.</p>.<p>Brent crude futures for September rose $1.20, or 1.1%, to $107.82 a barrel by 0158 GMT, after gaining $2.22 on Wednesday.</p>.<p>US West Texas Intermediate crude (WTI) was at $98.70 a barrel, up $1.44, or 1.5%, after rising $2.28 in the previous session.</p>.<p>"Risk sentiment has recovered from recession fears due to the ongoing U.S. earnings optimism and a less aggressive Fed’s rhetoric on rate hikes, which supported a rally in the crude market," CMC Markets analyst Tina Teng said, adding that a weakened U.S. dollar has also lifted commodities prices.</p>.<p>The U.S. Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path.</p>.<p>A weaker dollar makes oil, priced in dollars, cheaper for buyers in other countries to purchase.</p>.<p>On supplies, U.S. crude oil stockpiles fell by 4.5 million barrels last week, against expectations of a 1 million-barrel drop, while U.S. gasoline demand rebounded by 8.5% week on week, according to data from the Energy Information Administration.</p>.<p>"The U.S. consolidated its position as the world’s largest petroleum exporter," Citi analysts said in a note, as the combined gross exports of crude oil and refined products at a record 10.9 million barrels per day.</p>.<p>U.S. crude exports reached a record 4.6 million bpd, Citi said. Exports are rising as WTI traded at a steep discount to Brent, making purchases of U.S. crude grades more attractive to foreign buyers. </p>.<p>Prices also found support as the Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec. 5, a senior G7 official said on Wednesday.</p>.<p>U.S. crude oil production growth could also be limited by the availability of fracking equipment and crews, as well as capital constraints, executives said this week.</p>.<p>In the meantime, Russia has cut gas supply via Nord Stream 1 - its main gas link to Europe - to just 20% of capacity. That could lead to switching to crude from gas and prop up prices for oil in the short term, analysts said. </p>