04:53 AM EDT, 07/18/2024 (MT Newswires) -- Crude oil prices climbed as a larger-than-expected drawdown in U.S. crude oil inventories indicated strong demand, ANZ Bank said in a Thursday note.

The U.S. Energy Information Administration reported a decline of 4.87 million barrels last week, which was bigger than indicated by the American Petroleum Association's report earlier in the week, the bank noted.

Brent crude gained 0.6% to US$85.55 per barrel and West Texas Intermediate crude rose 0.9% to US$83.59/b at last look early Thursday. The reduced inventory helped trigger buying, with WTI futures bouncing off the 100-day moving average, which has served as a support level for a month.

Russia is planning to make further output cuts to compensate for overproduction, which is most likely to occur in the summer and early autumn, ANZ Bank said, citing a Bloomberg report.