The US economy released at 12:30 GMT, the Housing Starts reading in April, at 1.24 million, better than expectations of a rise by 1.21 million, and also better than the previous revised reading of  1.17 million from 1.14 million, this statement is positive for the US economy.

The US economy released at 12:30 GMT the Philadelphia Manufacturing Index reading for May, reaching 16.6, better than forecasts of 10.0 points increase, and also better than the previous 8.5 points reading, this statement is positive for the US economy.

The US economy released at 12:30 GMT its reading for the Building Permits, at 1.30 million in April, better than expectations of a rise by 1.29 million, better than the previous revised reading of 1.29 million from 1.27 million.

Global oil prices rallied on Thursday to continue gains for a third consecutive day, on fears that geopolitical tensions in the Gulf region could disrupt oil supplies, as prices also drew support from the drop in US oil production for a second week in a row, covering up crude inventories rise to the highest level since September 2017.

As of 09:30 GMT, US crude rose to $62.60 a barrel from the opening level of $62.07, with a high of $62.66 and a low of $62.06.

Brent crude rose to $72.33 a barrel from the opening level of $72.02, with a high of $72.42 and a low of $71.89.

US crude closed higher by 1.3% on Wednesday, and Brent crude rose 1.4%, their second consecutive daily gain.

Helicopters moved US personnel from the US embassy in Baghdad on Wednesday in a precautionary measure triggered by fears about perceived threats from Iran.

The US action comes after the recent terrorist attacks on vital oil platforms in Saudi Arabia and the sabotage of two Saudi oil tankers off the coast of the United Arab Emirates.

All the signs behind these attacks lead to the Houthi group in Yemen, which is supported by Iran. and on the other hand, according to US intelligence Shiite groups backed by Iran is deploying missiles near the US military bases in Iraq.

The US Energy Admiration announced yesterday that oil production in the country fell by about 100 thousand barrels in the week ending May 10, the second consecutive weekly decline, bringing the total to 12.1 million barrels per day.

While the commercial oil inventories increased by 5.8 million barrels per day last week, which is the third weekly increase in a month, contrary to experts' expectations of a 0.8 million barrel drop.

According to the data, total US commercial inventories rose to 472.4 million barrels, the highest level of US stockpiles since September 2017, in a negative sign of demand levels in the world's largest oil consumer.