US oil prices extended declines on Thursday after government data showed a surprise climb in US crude inventories.
NYMEX crude for December delivery was down 2 cents at $52.16 a barrel by 0107 GMT, after ending the last session down 29 cents, or 0.6 per cent, reports Reuters.
London Brent crude for December delivery was down 1 cent at $58.43. It settled Wednesday up 11 cents, supported by comments from Saudi Arabia’s energy minister on Tuesday reiterating the country’s determination to end a three-year supply glut.
Brent hit an intraday high of $58.74 on Wednesday, moving back towards a 26-month peak marked in late September.
US crude inventories rose by 856,000 barrels last week, US Energy Information Administration data showed on Wednesday. Analysts had expected a decrease of 2.6 million barrels.
Gasoline stocks fell by 5.5 million barrels, compared with expectations in a Reuters poll for a drop of 17,000 barrels, helping push up US gasoline futures.
Distillate stockpiles, which include diesel and heating oil, fell by 5.2 million barrels, versus expectations for an 860,000-barrel drop, the EIA data showed.
