Oil Closes Lower on U.S. Gasoline Inventory Buildup

Oil prices finished marginally lower on Thursday, despite the huge drop in U.S. crude inventories, as a surprise buildup in gasoline and distillates stockpiles led to some concerns about the pace of demand recovery.

However, oil futures remain mostly elevated supported by the market stability assured by the recent decision by the OPEC+ to go through with the planned easing of output cuts.

Brent crude futures for August delivery slipped by 4 cents, or 0.06%, to close at $71.31 per barrel.

West Texas Intermediate crude futures for July delivery lost two cents, or 0.03%, to finish at $68.81 per barrel.

U.S. oil inventories plunged by 5.08 million barrels last week, more than double the expected decrease of 2.4 million barrels. Meanwhile, gasoline stockpiles increased by 1.5 million barrels, while distillate stockpiles added 3.72 million barrels, with both coming against market expectations.