An oil pumpjack operates near Williston, North Dakota.
Andrew Cullen | Reuters
Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in U.S. crude stockpiles.
Front-month Brent crude futures, the international benchmark for oil prices, were down 0.4% at $63.60 per barrel by 0112 GMT. Brent closed up 2.3% on Wednesday
U.S. West Texas Intermediate (WTI) crude futures were down 0.3% at $57.18 per barrel. WTI closed up 1.9% on Wednesday.
U.S. crude inventories dropped by 1.1 million barrels last week, the Energy Information Administration (EIA) said on Wednesday. That compared with analyst expectations for a decrease of 3 million barrels.
“The U.S. oil market remains oversupplied,” said Edward Moya, senior analyst, OANDA.