Mubasher: Oil prices sustained their increase on Thursday after settling at three-year highs late Wednesday backed by the positive US stockpile data and Saudi support.

By 8:32 am GMT, Brent crude rose by 1.10% to $ 74.29 pb, while US crude (Nymex) added 1.02%, reaching $69.17 pb.

On Wednesday, Reuters reported citing three informed sources as saying that Saudi Arabia would like to see oil price rise to $80 per barrel (pb), or even $100 pb.

On the same day, data released by the Energy Information Administration (EIA) showed US stockpiles had fallen by 1.07 million barrels last week. The data had then bolstered oil prices to their highest levels in three and a half years.