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Crude oil futures shows some recovery on inventory drop

Crude oil futures recovered a bit on Thursday, amid a surprisingly large drop in U.S. oil stockpiles. The Energy Information Administration (EIA) said that inventories of U.S. crude fell by roughly 6.3m barrels in the week ended June 30, confounding expectations of draw of about only 2.3m barrels. Gasoline inventories too unexpectedly fell by roughly 3.7m barrels, while distillate stockpiles fell by 1.85m barrels.

Benchmark crude oil futures for August delivery gained $0.39 or 0.7 percent to $45.52 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.16 at $47.95 a barrel on the ICE.

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