Oil rises after U.S. fuel stocks draw down amid economic concerns

Oil prices rose over 1% Thursday after posting the biggest two-day loss for the start of a year in three decades with U.S. data showing lower fuel inventories providing support and economic concerns capping gains. Big declines in the previous two days were driven by worries about a global recession, especially since short-term economic signs in the world’s two biggest oil consumers, the United States and China, looked weak.

Supporting prices earlier in the session on Thursday was a statement from top U.S. pipeline operator Colonial Pipeline, which said its Line 3 had been shut for unscheduled maintenance with a restart expected for the products line on January 7th.