Oil prices fell on Thursday in Asia following reports that U.S. crude oil inventories rose unexpectedly last week.
U.S Crude Oil WTI Futures was down 0.14% to $62.37 by 1:18 AM ET (05:18 GMT), while international Brent Oli features droppd 0.1% to $69.27.
Despite the fall today, WTI remains up more than 35% for the year and Brent 28%, supported by aggressive production cuts from OPEC and Russian-led allies and U.S. sanctions against Iran and Venezuela.
On Wednesday, the Energy Information Administration (EIA) said in its regular weekly report that crude oil inventories grew by 7.24 million barrels in the week to March 29.
That was compared to forecasts for a stockpile draw of 0.43 million barrels, after a gain of 2.80 million barrels in the previous week.
The EIA report also showed that gasoline inventories fell by 1.78 million barrels, compared to expectations for a draw of 1.54 million barrels, while distillate stockpiles dropped by 2.0 million barrels, compared to forecasts for a decline of 0.51 million.