Oil prices lower as crude inventories build higher than expected
Oil prices traded lower on Thursday in Asia after data showed a higher-than-expected build in crude inventories.
U.S. Crude Oil WTI Futures fell 0.3% to $58.23 by 11:54 PM ET (03:54 GMT).
International Brent Oil Futures slipped 0.1% to $62.94.
The Energy Information Administration (EIA) reported that U.S. crude inventories fell by 4.9 million barrels for the week ending at November 29. This was in contrast with expectations for a drop of 17.3 million barrels according to forecasts from economists.
Gasoline also inventories rose by 3.4 million barrels, higher than a rise of 1.8 million barrels. Distillate stockpiles rose by about 3.1 million barrels in compares to an expected build of about 1.1 million.