Oil Prices Near $75 a Barrel in Asia on U.S. Inventories

Oil prices advanced to nearly $75 a barrel in Asia after a report showed that U.S. crude oil inventories dropped more than forecast, suggesting improved demand.

Benchmark oil for delivery in October rose 32 cents to $74.99 a barrel late Thursday afternoon Singapore time in electronic trading on the New York Mercantile Exchange, according to The Associated Press.

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U.S. crude oil inventories fell by 7.3 million barrels last week, according to the American Petroleum Institute. That was a greater fall than the 730,000-barrel drop forecast by analysts surveyed by Platts.

Still, U.S. oil supplies are at a 30-year high, according to energy consultancy Cameron Hanover.