Oil crude futures rose 18 cents or 0.4%

Oil crude futures rose 18 cents or 0.4%

Oil extended gains on Thursday as a drawdown in U.S. stockpiles of crude and gasoline lifted demand hopes, while investors also cheered a potential Brexit trade deal.

U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.4%, to $48.30 a barrel by 0124 GMT, while Brent crude futures climbed 20 cents, or 0.4%, to $51.40.

Both contracts gained more than 2% on Wednesday.

"Oil markets are quiet as all investors are in a holiday mode," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.

"Lower U.S. inventories of crude and fuels, as well as signs of a potential Brexit deal which led to weaker U.S. dollar, were good news, but lingering worries over a new variant of the novel coronavirus capped gains," he said.