Oil prices sank as U.S. government data showed a far weaker crude inventory draw than an industry report from earlier in the week suggested.
The Energy Information Administration (EIA) reported that U.S. commercial crude stockpiles fell by 2.2 million barrels to a total of 524.4 million in the week through July 1.
The American Petroleum Institute said its data showed U.S. crude stockpiles fell by 6.7 million barrels last week, declining for a seventh week in a row.
Brent crude oil futures fell $1.15, or 2.4%, at $47.65 U.S. per barrel as the clock approached noon ET on Thursday. U.S. West Texas Intermediate (WTI) crude was trading at $46.31 U.S. per barrel, down $1.12, or 2.4%.
The EIA data also showed gasoline inventories fell by about 100,000 barrels and distillate fuel stocks decreased by 1.6 million barrels.
Preliminary weekly data showed U.S. production fell by 194,000 barrels per day, primarily due to declines in Alaska's output. Experts say monthly data operating on a significant lag is likely more accurate.
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