Crude oil futures rose Thursday, but were off higher levels, after the U.S. Energy Information Administration reported oil inventories in the latest week fell by more than expected.
Crude oil inventories for the week ended Sept. 3 fell by 1.9 million barrels, less than a trade group estimated late Wednesday but more than the decline of 730,000 barrels expected by analysts polled by Platts.
Late Wednesday, the American Petroleum Institute estimated crude oil stocks declined by 7.3 million barrels, a drop that provided some support to prices early Thursday. Gasoline stocks fell by about 200,000 barrels last week, but that was less than the estimated decline of 820,000 barrels.
Inventories of distillates, which include heating oil, fell by about 400,000 barrels, compared with the expectation for a rise of 940,000 barrels.
