Brent, WTI close to sixmonth highs
US crude stocks fall more than forecast
Demand growth to pick up from India, China festivals

SINGAPORE, Jan 16 Reuters Oil prices gained for a second session on Thursday, supported by worries over potential supply disruptions amid U.S. sanctions on Russia, a largerthanforecast fall in U.S. crude oil stocks, and an improving global demand outlook.

Brent crude futures rose 23 cents, or 0.3, to 82.26 per barrel by 0731 GMT, after rising 2.6 in the previous session to their highest since July 26 last year.

U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4, to 80.32 a barrel, after gaining 3.3 on Wednesday to their highest since July 19.

U.S. crude oil stocks fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration EIA said on Wednesday.

The 2 millionbarrel draw was more than the 992,000barrel decline analysts had expected in a Reuters poll.

The drop added to a tightened global supply outlook after the U.S. imposed broader sanctions on Russian oil producers and tankers. The new U.S. sanction measures have sent Moscow39;s top customers scouring the globe for replacement barrels, while shipping rates have surged too.

The Biden administration on Wednesday imposed hundreds of additional sanctions targeting Russia39;s military industrial base and evasion schemes.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies, which…