New Delhi, June 27 -- Global crude oil prices edged higher on Friday, buoyed by signs of strengthening demand in the US and renewed hopes of an economic stimulus in China-the world's second-largest oil consumer.

At 8am (Indian time), the August Brent crude contract on the Intercontinental Exchange traded at $68.14 per barrel, up 0.61% from its previous close. The August West Texas Intermediate (WTI) contract on the NYMEX was at $65.67 a barrel, up 0.66%.

Data released Wednesday by the US Energy Information Administration (EIA) showed a sharp drawdown of 5.84 million barrels for the week ending June 20, bringing inventories to their lowest seasonal level in 11 years. Analysts viewed the decline as a clear sign of rising demand in the US....