Oil Updates — Crude gains; S-Oil expects lower refining margins in Q3; Iranian tanker to retrieve confiscated oil cargo

RIYADH: Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the US supported prices.

Brent crude futures for September rose $1.20, or 1.1 percent, to $107.82 a barrel by 0158 GMT, after gaining $2.22 on Wednesday.

US West Texas Intermediate crude was at $98.70 a barrel, up $1.44, or 1.5 percent, after rising $2.28 in the previous session.