Oil prices edge up on continuous growth momentum

Crude oil futures prices gained on Thursday upon continuous support from bullish U.S. oil inventory data last week.

The West Texas Intermediate (WTI) for August delivery gained 30 cents, or 0.43 percent, to settle at 69.86 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery picked up 31 cents, or 0.42 percent, to settle at 74.34 U.S. dollars a barrel on the London ICE Futures Exchange.

WTI oil gained some ground as traders stayed focused on the bullish report by the U.S. Energy Information Administration (EIA), noted Vladimir Zernov, analyst with market information supplier FX Empire.

U.S. crude oil inventory dropped by 9.6 million barrels in the week ending June 23, much higher than analysts' expectation of a modest decrease, according to data issued by the EIA on Wednesday.

"Oil prices are continuing to recover on Thursday after falling back toward their range lows on Wednesday," said Craig Erlam, senior market analyst at OANDA, a supplier of online multi-asset trading services.

Meanwhile, hawkish comments from central bank officials and economic uncertainties continued to cap gains in oil prices.

The gradual consolidation in crude oil prices doesn't appear to be nearing an end, with the price simply fluctuating between the range highs and lows over the last couple of months, according to Erlam.