US crude oil inventories registered their fifth straight week of decline last week. However crude prices moved lower as the pace of the fall proved less than expected.
Inventories of crude oil in the US dropped by 1.5m barrels in the week to the July 28, the US Energy Information Administration said on Wednesday.
That is less than the 3.5m barrel draw the market was expecting and compares to the 7.2m barrel decline recorded in the previous week.
West Texas Intermediate, the US oil marker, gave up a small gain to trade 0.6 per cent lower at $48.88 a barrel on the news. Brent crude also dropped into negative territory to trade down 0.3 per cent at $51.60 a barrel.
The decline came even as stockpiles of gasoline, one of the main products refined from crude, fell by a larger-than-expected 2.5 barrels. Meanwhile, the refinery utilisation rate rose 1.1 per cent to 95.4 per cent.
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