Oil prices edge down, pressured by US supply
Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in United States (US) crude stockpiles.
Front-month Brent crude futures, the international benchmark for oil prices, were down 0.4 per cent at $63.60 per barrel by 0112 GMT. Brent closed up 2.3 per cent on Wednesday
US West Texas Intermediate (WTI) crude futures were down 0.3 per cent at $57.18 per barrel. WTI closed up 1.9 per cent on Wednesday.
US 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 three million barrels.
