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Brent crude futures were up 4 cents, or 0.05%, at $82.79 a
barrel by 1120 GMT. U.S. West Texas Intermediate crude (WTI)
gained 4 cents, or 0.05%, to $78.67.
"Oil is making some moderate headway, buoyed by shrinking U.S.
stockpiles and a wider risk-on mood triggered by signs of ebbing
U.S. inflation, offering scope of looser Fed policy," MUFG
analysts Ehsan Khoman and Soojin Kim said in a note.
Brent had touched an intra-day low of $81.05 on Wednesday - the
lowest the front-month futures contract has traded since Feb. 26
- but recovered to about 0.5% higher on the day.
U.S. crude oil, gasoline and distillate inventories fell,
reflecting a rise in both refining activity and fuel demand,
Energy Information Administration (EIA) data showed.
Crude inventories fell by 2.5 million barrels to 457 million
barrels in the week ended May 10, the EIA said, versus the
543,000 barrel consensus analyst forecast in a Reuters poll
"With refinery runs increasing by 1.9% there suddenly became a
whiff of demand. This then caused the handbrake turn in price
fortunes and the verve shown in earlier selling was called and
raised by buying that saw all losses erased," said PVM analyst
John Evans.
U.S. consumer prices rose less than expected in April in a boost
to financial market expectations for a September cut to interest
rates by the Federal Reserve, which could temper dollar strength
and make oil more affordable for holders of other currencies.
In the Middle East, Israel's tanks pushed into the heart of
Jabalia in northern Gaza on Thursday while, in the south, its
forces pounded Rafah without advancing, Palestinian residents
and militants said.
Ceasefire talks mediated by Qatar and Egypt are at a stalemate,
with Hamas demanding an end to attacks and Israel refusing until
the group is annihilated.
(Reporting by Robert Harvey in London, Katya Golubkova in Tokyo
and Emily Chow in SingaporeEditing by David Goodman)
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