NEW YORK, Aug. 5 (Xinhua) -- Oil prices rose on Thursday, recouping some of the losses they suffered earlier this week.
The West Texas Intermediate for September delivery added 94 cents, or 1.4 percent, to settle at 69.09 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 91 cents, or 1.3 percent, to close at 71.29 dollars a barrel on the London ICE Futures Exchange.
Oil prices have been under pressure this week amid concerns over demand. On Wednesday, the U.S. crude benchmark and Brent shed 3.4 percent and 2.8 percent, respectively, notching a three-day losing streak.
Also weighing on the market was an unexpected rise in U.S. crude stockpiles.
U.S. crude oil inventories increased by 3.6 million barrels during the week ending July 30, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. Analysts surveyed by S&P Global Platts had estimated the EIA publications to show a drop of 4 million barrels in U.S. crude supplies. Enditem
