Commodity Capsule: Brent crude oil rises; gold near one-week low; copper slips | Watch video

Commodity Capsule: Oil prices rose on Thursday after data showed US crude stockpiles fell more than expected last week.

Chinese central bank's cut in banks' reserve ratio reinforced hopes of more stimulus measures and economic recovery.

Brent crude is hovering close to one-month high past $80 a barrel. For the week, Brent crude prices are up 2.5 per cent.

US crude stockpiles tumbled by 9.2 million barrels last week, the Energy Information Administration said, more than quadrupling than forecast of a 2.15 million-barrel draw.

US crude output fell from a record 13.3 million barrels per day two weeks ago to a five-month low of 12.3 bpd last week after oil wells froze during the Arctic freeze.

Oil prices drew support from hopes for China's economic recovery.

China's central bank announced a deep cut to bank reserve in a move that will inject about $140 billion of cash into the banking system and send a strong signal of support for the fragile economy and plunging stock markets.

China said it is widening the uses for commercial property lending by banks in its latest effort to ease a liquidity crunch facing troubled real estate firms.

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