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Oil prices extend losses despite surprise drop in U.S. inventories

Published 2019-04-17, 09:19 p/m
Updated 2019-04-17, 09:20 p/m
© Reuters. Oil prices extend losses despite surprise drop in U.S. inventories

By Colin Packham

SYDNEY, April 18 (Reuters) - Oil prices edged down on Thursday despite a surprise decline in U.S. inventories, with international benchmark Brent retreating from a five-month high touched in the previous session.

Brent crude futures LCOc1 were at $71.51 a barrel at 0056 GMT, down 11 cents, or 0.2 percent, from their last close. Brent fell 0.1 percent on Wednesday, after earlier touching its highest since Nov. 8 at $72.27 a barrel.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.67 per barrel, down 9 cents, or 0.1 percent, from their previous settlement. WTI closed the last session down 0.5 percent.

"Prices are soft despite a surprise drawdown in U.S. inventories," ANZ Bank said in a research note.

U.S. crude inventories USOILC=ECI fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels. U.S. crude imports USOICI=ECI last week dropped by 659,000 barrels per day (bpd).

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