Business

SINGAPORE – Oil prices edged up in Asia on Thursday following the release of US data showing a drop in crude inventories, a sign of a tightening supply market.

Crude stockpiles fell by 2.3 million barrels last week – the ninth week in a row – data from the US Department of Energy showed.

This helped offset a surprise rise in gasoline inventories over the summer – traditionally the peak demand season for motor fuel.

At about 0330 GMT, US benchmark West Texas Intermediate was up 10 cents, or 0.22 percent, to $45.85, while North Sea Brent crude was up 16 cents, or 0.34 percent, to $47.33.