After the U.S. Energy Information Administration (EIA) reported a drop in crude and data showing a slowdown in the job market, oil futures climbed on Thursday.

American West Texas Intermediate (WTI) futures for July, which expire on Thursday, ended at $82.17 per barrel, up 60 cents, or 0.74%. Brent oil futures settled at $85.71 per barrel, up 64 cents or 0.75%. The high of $85.89 was the highest since May 1. Crude stocks fell by 2.5 million barrels during the week ending June 14 to 457.1 million barrels, the EIA said, while analysts expected a drop of 2.2 million barrels. Inventories in Cushing, Oklahoma, a delivery center for U.S. crude futures, increased by 307,000 barrels

According to Ricardo Evangelista, analyst at ActivTrades, oil prices should also remain supported by a growing geopolitical risk premium due to the Middle East conflict.