Oil prices climb on stronger demand

NEW YORK — Oil prices ended higher on Thursday on rising global oil demand.

The International Energy Agency issued a stronger outlook for global oil demand on Thursday, saying that consumption in China, Germany and the United States are increasing in recent months.

Moreover, the US Energy Information Administration (EIA) said in its weekly report on Wednesday that the country's crude inventories fell by 7.6 million barrels during last week, compared with market expectations for a decrease of 2.9 million barrels.

Analysts said the latest reports helped to ease market concerns for global oversupply.

The West Texas Intermediate for August Delivery added 59 cents to settle at $46.08 a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 68 cents to close at $48.42 a barrel on the London ICE Futures Exchange.