By Arathy Somasekhar
(Multibagger) - Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signaling stronger demand.
Crude oil futures rose 35 cents, or 0.4%, to $85.43 a barrel. U.S. West Texas Intermediate (WTI) crude rose 36 cents, or 0.5%, to $82.47 a barrel.
Crude oil inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended July 5, surpassing analysts' expectations. Gasoline stocks also fell by 2 million barrels, much more than expected.
The Organization of the Petroleum Exporting Countries (OPEC) forecast strong growth in global oil demand, citing resilient economic growth and air travel.
Despite supply disruptions, gains were limited. U.S. inflation data and expectations of a rate cut by September also influenced market sentiment.
Lower interest rates can boost economic activity and oil demand. Federal Reserve Chair Jerome Powell emphasized the central bank's commitment to making necessary rate decisions.
### Analysis:
Oil prices rose due to falling crude stocks and easing gasoline inventories, indicating higher demand. This could lead to increased economic activity and oil demand, especially with expectations of a rate cut by September. Understanding these factors can help individuals make informed decisions about their investments and finances.