WTI futures pare losses after weekly DoE inventory report

Crude oil futures are paring earlier losses on the back of a larger-than-expected drop in US oil and product stockpiles.

According to the Energy Information Administration, the US Department of Energy's statistical arm, during the week ending 30 March the country's oil inventories shrank by 4.6m barrels to reach 425.3m.

That came alongside a 1.1m barrel draw in gasoline stockpiles and a slight build in those of distillates.

US oil output on the other hand increased by 27,000 barrels a day during the latest reference week, hitting 10.46m b/d.

Refineries operated at 93.0% of capacity during the period, the EIA said.

As of 1551 BST, June 2018 Brent crude oil futures were down by 0.92% to $67.50 a barrel on the ICE, while the May West Texas Intermediate contract was down by 1.1% at $62.83 per barrel.