Oil prices steadied on Thursday on news that U.S. crude stocks fell for a fourth week, suggesting the U.S. market was rebalancing after a long period of oversupply.
Data from the Energy Information Administration (EIA) on Thursday showed crude oil inventories USOILC=ECI fell by 2.8 million barrels in the last week, compared with analysts’ expectations for an decrease of 857,000 barrels. [EIA/S]
The figures helped support a market that has come under heavy pressure due to a 10-day rally in the dollar, which makes fuel more expensive for holders of other currencies.
The dollar has risen more than 4 percent against a basket of currencies .DXY over the last 10 days, helping accelerate a fall in oil prices from a five-month high early in May.
Front-month Brent LCOc1 was unchanged at $62.06 a barrel by 1515 GMT, after earlier reaching an intra-day low of $61.24, its weakest since mid-April.
U.S. crude futures CLc1 were down 50 cents from their last settlement at $57.01 per barrel.