Oil prices traded lower, but recovered a part of losses after the release of 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 declined by 2.8 million barrels to 479.4 million in the week to May 22. It was the fourth consecutive weekly decline.
Analysts had expected a decline of 2 million barrels.
Gasoline inventories were down by 3.3 million barrels last week, according to the EIA.
U.S. oil production climbed by 304,000 barrels a day to 9.57 million barrels a day.
Crude stocks at the Cushing, Oklahoma, decreased by 433,000 barrels to 60 million barrels.
U.S. crude oil imports decreased by 503,000 barrels per day to 6.7 million barrels per day.
Refineries in the U.S. were running at 93.6% of capacity.
WTI crude oil for July delivery decreased to $56.51 a barrel on the New York Mercantile Exchange.
Brent crude oil for July fell to $61.73 a barrel on ICE Futures Europe.