09:48 AM EST, 01/09/2025 (MT Newswires) -- Oil prices rose early on Thursday on tight supply and declining U.S. inventories.

West Texas Intermediate crude oil for February delivery was last seen up US$020 to US$73.52 per barrel, while March Brent crude was up US$0.21 to US$76.37.

The rise comes a day after the Energy Information Administration reported U.S. oil inventories fell by 1.0-million barrels last week, while stocks of gasoline and distillates both climbed by more than six-million barrels, while imports from Canada rose to a record 4.42-million barrels.

"Crude oil imports have started the month off strong, though we have yet to see a prolonged material change in buying patterns, with growing refinery margin headwinds likely keeping import growth modest," Brian Leisen, global oil strategist at RBC Capital Markets, wrote.

Supply is also tightening after a Chinese port operator this week banned sanctioned tankers from Russia and Iran from unloading at its three ports, raising the call on supply from other sources.