FX.co ★ Oil Futures Settle Higher

Crude oil prices climbed higher on Thursday, supported by data showing a drop in crude inventories in the U.S. last week.

West Texas Intermediate Crude oil futures for June ended higher by $0.46 or 0.6% at $74.76 a barrel.

Brent crude futures were up $0.49 or 0.63% at $78.21 a barrel a little while ago.

The Energy Information Administration (EIA) said on Wednesday that crude oil inventories in the U.S. decreased by 5.1 million barrels to 460.9 million barrels in the week ended April 21.

The EIA data showed gasoline inventories dropped by 2.4 million barrels to 221.1 million barrels last week, while distillate stockpiles decreased by 600,000 barrels to 111.5 million barrels.

Prices stabilized on Thursday, aided by Russian Deputy Prime Alexander Novak's comments that oil markets reman balanced.

The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said.