WTI crude oil price continues to decline on yesterday's U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 4.9 million barrels to 463 million in the week to June 19. It was the eight consecutive weekly decline.
Analysts had expected a decline of 1.8 million barrels.
U.S. oil production increased to 9.6 million barrels a day from 9.59 million barrels a day.
Investors speculate that oil supply may increase if a deal can be reached over Iran's nuclear programme.
WTI crude oil for August delivery decreased to $59.43 a barrel on the New York Mercantile Exchange.
Brent crude oil for August rose to $63.34 a barrel on ICE Futures Europe.