Oil prices pared losses Thursday after government data showed U.S. crude stockpiles fell last week.
Futures had fallen more than 1%on Thursday as delegates to the Organization of the Petroleum Exporting Countries (OPEC) meeting adjourned without setting a ceiling for its production.
The U.S. Energy Information Administration reported Thursday that U.S. commercial crude inventories fell by 1.4 million barrels to a total of 535.7 million barrels in the week ending May 27.
Analysts had forecast a crude stockpile drawdown of 2.5 million barrels for the week ended May 27. The American Petroleum Institute, a trade group, said its data showed a crude inventory build of 2.4 million barrels instead.
Moreover, data showed gasoline stocks fell by 1.5 million barrels, while distillate fuel inventories were down 1.3 million barrels.
International Brent crude oil futures were trading at $49.34 U.S. per barrel, down 38 cents, or 0.8%, from their last settlement by late morning on Thursday. U.S. West Texas Intermediate (WTI) crude was down 36 cents, or 0.7%, at $48.64 U.S. a barrel.
Traders had followed OPEC's gathering in Vienna for signs of agreement on reviving the group's collective output quota proposed by Saudi Arabia or the introduction of individual member country quotas suggested by Iran.
But sources within OPEC said the organization failed to agree on output policy or set a new ceiling.
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