On Thursday, oil prices ticked higher following two consecutive sessions of declines. The increase was driven by renewed supply concerns in Libya, while expectations for demand were tempered by a smaller-than-anticipated reduction in U.S. crude inventories.
Brent crude futures rose by 15 cents, or 0.19%, reaching $78.80 per barrel by 0605 GMT. Meanwhile, U.S. West Texas Intermediate crude futures gained 27 cents, or 0.36%, to $74.79.
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