Singapore - Crude prices rose in Asia on Thursday on signs that oil demand is picking up in the United States, the world's largest oil consumer, analysts said.
New York's main contract, West Texas Intermediate for August delivery, rose 75 cents to $97.40 a barrel and Brent North Sea crude for August gained 55c to $114.17.
The American Petroleum Institute on Wednesday reported a bigger than expected drawdown in crude reserves, seen as a sign of improved demand in the world's number one economy.
"US crude oil stockpiles fell unexpectedly by 3.2 million barrels, more than analysts' prediction of 2.3 million barrels, which was supportive for crude oil prices," said Ker Chung Yang, commodity analyst at Phillip Futures in Singapore.
However, concerns about future Chinese demand are expected to cap further rises after Beijing on Wednesday raised interest rates for the third time this year as it fights to tame inflation.
China, the world's second biggest economy, is the largest energy consumer.