US oil inventories fall more than forecast, EIA data shows
Crude prices trimmed earlier losses on Thursday afternoon after data showed that US oil supplies declined more than expected last week.
Brent Crude
$87.00
06:35 23/04/24
The US Energy Information Administration said US commercial crude inventories dropped by 2.8m barrels (bbls) in the week ended 22 May.
This was more than the 1.8m decline expected by analysts polled by Platts.
Nevertheless, the EIA highlighted that at 479.4m barrels, US oil supplies are still at the highest level for this time of year in at least the last 80 years.
West Texas Intermediate futures for July delivery were trading down 0.7% at $57.11/bbl following the data, bouncing off an earlier low of $56.51 due to a stronger dollar.
Brent was 0.3% lower at $61.87/bbl, compared with an intraday low of $61.24/bbl.