Coming down from a nearly 5-month high, crude oil futures settled lower on Thursday as investors assessed the economic outlook and prospects for crude demand. Oil prices were also weighed down by the Organization of the Petroleum Exporting Countries’ (OPEC's) monthly report that flagged downside risks to summer oil demand. However, strong exports data from China helped limit oil's downside. Meanwhile, data from Energy Information Administration (EIA) showed crude oil inventories increased by 0.6 million barrels last week as against expectations for a drop of 0.6 million barrels.
Benchmark crude oil futures for May delivery fell $1.10 or 1.3 percent to settle at $82.16 a barrel on the New York Mercantile Exchange. Brent crude for June delivery declined $1.24 or 1.4 percent to settle at $86.09 a barrel on London's Intercontinental Exchange.