Oil Eases, Near Weakest Since Late March on Small U.S. Stocks Decline

Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in U.S. inventories. U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer.
Crude inventories fell by 930,000 barrels in the week to April 28, much less than analysts’ expectations for a decrease of 2.3 million barrels.
Crude stocks have steadily declined for the last four weeks, but at 527.8 million barrels they are still 3 percent higher from this time a year ago.
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