Crude oil futures ended flat on Thursday as fears of higher US interest rates that could dampen energy demand were offset by signs of tighter supply after a larger-than-expected fall in US oil stocks. Data released by the Energy Information Administration (EIA) showed crude inventories in the U.S. fell by 1.508 million barrels in the week ended June 30. Gasoline stockpiles fell by 2.550 million barrels in the week, much more than an expected drop of 1.417 million barrels, while distillate stockpiles dropped by 1.045 million barrels, as against expectations for a increase of about 0.300 million barrels. Meanwhile, data released Wednesday by the industry group American Petroleum Institute showed that U.S. crude oil inventories fell by 4.4 million barrels in the week to June 30, far more than expectations for a draw of 1.8 million barrels.
Benchmark crude oil futures for August delivery added $0.01 or about 0.01 percent to settle at $71.80 a barrel on the New York Mercantile Exchange. However, Brent crude for September delivery lost $0.13 or 0.16 percent to settle at $76.52 a barrel on London's Intercontinental Exchange.