The West Texas Intermediate crude futures declined on Thursday despite the fall in US oil inventories. Prices remain high as analysts warn that current price level may be weak. However, Brent futures were seen trading lower, but still above the $108 level.
The West Texas Intermediate delivery for August, as the New York’s NYMEX were seen traded slightly fell 0.25% lower to $106.09 a barrel on Thursday. The Brent futures declined 0.13% to $108.47 a barrel.
WTI futures rose on Thursday, when it reached $107.45 a barrel, reaching a five-month high after the US stockpiles fell for the second week.
WTI gained 0.5% after falling in response to the US Energy Information Administration’s (EIA) report showing a drop in the US crude inventories.
The reports released on Wednesday indicated that the stockpiles dropped by 6.9 million barrels to 367 million in the previous week ending July 12.
Reports from the EIA showed that the US refineries processed the most crude in 8 years, as the high-on-demand season is peaking in the Northern Hemisphere.
On Thursday, American Petroleum Institute (API) was leaked showing the readings were in line with EIA. The leaked report suggests that the API may report supplies up 3.8 million barrels.
Saudi Arabia shipped 7.79 million barrels of oil a day in the month of May, highest since last year June, according to reports from the Joint Organization Data.
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