London : Oil prices edged higher after rallying the previous session on news of a drop in US crude supplies. The main global contracts for the commodity had surged more than 3.5% on Wednesday after the US Department of Energy reported inventories unexpectedly fell last week and imports sank.
The news stoked hopes that a plunge in prices, which has seen the Brent contract hit 11-year lows this week, may be coming to an end. Around midday in London, Brent North Sea crude for delivery in February was up eight cents at USD 37.44 a barrel. US benchmark West Texas Intermediate gained 19 cents to USD 37.69.