Crude oil futures were seen trading slightly lower on Thursday, after rising the most in five weeks, meeting analysts’ estimates.
West Texas Intermediate crude for December delivery dropped 0.12% to $94.71 per barrel on the New York Mercantile Exchange at 2:15pm Singapore time. The contract rose $1.43 to $94.80 yesterday, rising to its highest level since October 2.
While December settlement for the European benchmark crude Brent lost 36 cents to $104.88 per barrel on the London-based ICE Futures Europe exchange at the time of writing. Brent crude was seen at a premium of $10.17 to WTI.
The US crude oil stockpiles advanced by 1.577 million barrels last week, while gasoline inventories dropped by 3.755 million barrels, according to a report released by the official Energy Information Administration (EIA).
Last week EIA released a report showing that oil consumption in the world’s largest consumer increased by 4.1 million barrels to 383.9 million in the week ended October 25, rising to its highest level since June.
Meanwhile, a release from the American Petroleum Institute (API) revealed that on Tuesday, the US crude inventories advanced by 870,000 barrels last week and a drop of 4.3 million barrels was seen in gasoline stockpiles.
Estimates of the US third-quarter GDP is expected to be released later in the day, with forecasts of a 2.0% increase, down from the previous forecast an expansion of 2.5% recorded during the period between March to June.
October’s labour data is expected to be released on Friday and forecasted to show that the US non-farm payrolls rose by 125,000.
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