West Texas Intermediate futures for September delivery climbed to $48.80 (+0.02%), while Brent crude advanced to $53.53 (+0.28%) after Energy Information Administration reported that U.S. crude stockpiles unexpectedly declined by 4.2 million barrels in the week ending July 24 vs expectations for an 184,000 barrels drop. Gasoline inventories fell by 363,000 barrels against analysts' forecasts of a 512,000-barrel increase. Meanwhile U.S. gasoline demand rose by 6.2% from a year ago.

"The outlook still remains cautious for crude oil prices, especially Brent oil. Prices may not get any relief in the short term as players are expected to continue the fight for market share at the expense of price," ANZ said on Thursday. OPEC members are currently producing 3 barrels per day more than required.

Gold is currently at $1,093.00 (+0.04%). The precious metal approached its lowest level since 2010 after the U.S. dollar advanced against other major currencies on Fed statement. Yesterday FOMC members said that the U.S. economy was "expanding moderately", supporting expectations for an interest rate rise when the committee meets in September.

Later today the U.S. Department of Commerce will release preliminary estimate of second-quarter U.S. gross domestic product, with the economy expected to return to growth, expanding by 2.6%, after contracting in a weather-dependant first quarter.

A substantially higher growth rate would intensify expectations for a September rate increase.

"The slide that we've seen last week showed investors were already pricing in the effect of the first rate hike whether it's September or December. What matters is after the first rate hike, how would they conduct the rest of the rate increases," said Howie Lee, analyst at Phillip Futures.

(raw materials / closing price /% change)

Oil 48.89 +0.20%

Gold 1,095.80 +0.29%