Oil prices rise on bigger-than-expected drop in US crude stocks

Oil prices rose Thursday with Brent at $85.21 and WTI at $83.16 following a 4.9 million-barrel drop in U.S. crude stocks, exceeding both U.S. Energy Information Administration and American Petroleum Institute data. Rate cuts could come in September as Federal Reserve officials note improved interest rates, modest U.S. economic growth, and a weaker dollar, pending China's policy news.