Crude oil futures ended significantly lower on Thursday despite data showing a sharp drop in U.S. crude inventories in the week ended May 24th, as a jump in gasoline inventories weighed on oil prices. Data from the Energy Information Administration (EIA) said crude oil inventories slumped by 4.2 million barrels last week after climbing by 1.8 million barrels in the previous week. Meanwhile, gasoline inventories increased by 2.0 million barrels last week but remain about 1% below the five-year average for this time of year. Investors now await the meeting of the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+, this Sunday. The group is widely expected to extend its production cuts beyond the second quarter.
Benchmark crude oil futures for July delivery fell $1.32 or about 1.7% to settle at $77.91 a barrel on the New York Mercantile Exchange. Brent crude for July delivery was down 2.1% to $81.86 per barrel on London's Intercontinental Exchange.