Oil prices climbed on Thursday following U.S. crude inventory data that revealed a larger-than-expected decline.
The Energy Information Administration reported a 2.2 million barrel drop in U.S. crude stockpiles last week, bringing the total to 420.5 million barrels, defying analysts' expectations of a 1.8 million barrel increase.
Gasoline inventories fell by 2.2 million barrels to 212.7 million barrels, while distillate stocks dropped by 3.5 million barrels to 115.0 million barrels.
The report also indicated U.S. oil production increased by 100,000 barrels per day (bpd), reaching a record 13.5 million bpd.
In trading, Brent futures for December rose 0.3%, or 23 cents, to $74.45 per barrel. Meanwhile, U.S. crude futures for November climbed 0.4% to $70.67 per barrel.