Crude oil remained strong on Thursday

Following a 2.6% increase the previous day, WTI crude oil futures moved around $82.5 per barrel on Thursday, making it the biggest daily gain in more than a month.

According to EIA data, US crude oil inventories fell 4.87 million barrels, the lowest level since February, and exceeded expectations of a 0.8 million barrel decline.

This was the third consecutive week of decline, making it the longest inventory reduction period since September.

In Canada, wildfires threatened oil production of 0.4 million barrels per day, jeopardized shipments to the United States, and increased Canadian heavy crude oil prices.

US data showed that the number of new unemployment insurance claims showed the biggest increase since early May.

This slowing job market and recent easing of inflation confirm the claim that the Federal Reserve will cut interest rates as early as September.

Lowering interest rates may stimulate economic activity and increase oil demand.