Oil edges higher, Brent rises above $76

Oil prices rose on Thursday, as the US dollar fell against its peers, and after a drop in the US crude inventories.

The Energy Information Administration reported yesterday that the US crude inventories fell 3.5 million barrels to 414 million barrels during the past week, while analysts forecast a drop by 3.8 million barrels.

The market continues to follow Evergrande's crisis and it its impact on the Chinese economy.

The People's Bank of China has injected $18.6 billion into the banking system, in attempts to ease global markets' concerns.

The dollar index fell against a basket of currencies by 0.1% to 93.3 points as of 03:56 GMT, after it hit a high of 93.5 points and a low of 93.3 points.

WTI crude October futures rose 0.2% to $72.4 a barrel.

Brent November futures rose 0.2% to $76.4 a barrel.