Oil prices dropped on the U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Thursday. U.S. crude inventories increased by 4.22 million barrels to 487.03 million in the week to November 06. It was the seventh consecutive increase.
Analysts had expected U.S. crude oil inventories to rise by 1.7 million barrels.
Gasoline inventories decreased by 2.1 million barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, climbed by 2.24 million barrels.
U.S. crude oil imports increased by 434,000 barrels per day.
Refineries in the U.S. were running at 89.5% of capacity, up from 88.7% the previous week.
The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Thursday. OPEC said that oil output in October totalled 31.38 million barrels per day (bpd), down 256,000 bpd from September. It was the first fall since March.
WTI crude oil for December delivery dropped to $41.69 a barrel on the New York Mercantile Exchange.
Brent crude oil for December fell to $45.12 a barrel on ICE Futures Europe.