Crude oil prices continued to rally on Thursday as a drop in US stockpiles and softer inflation buoyed sentiments in the market. Concerns over Russian supply disruptions due torecent US sanctions also fueled price increases.

Oil prices gained for a second session on Thursday, supported by worries over potential supply disruptions amid U.S. sanctions on Russia, a larger-than-forecast fall in U.S. crude oil stocks, and an improving global demand outlook.