Oil Prices Slip to $71.43 - THISDAYLIVE

Oil markets fell on Thursday despite a surprise decline in U.S. inventories, but the price drops were tempered by a smaller-than-expected reduction in gasoline stocks and ongoing Organisation of Petroleum Exporting Countries -led supply cuts.

“The unexpected drawdown in U.S. commercial crude oil stocks was balanced by lower-than-expected withdrawals in the country’s gasoline and distillate inventories,” said Abhishek Kumar, Head of Analytics at Interfax Energy in London. Prices have been supported this year by an agreement reached by OPEC and its allies, including Russia, to limit their oil output by 1.2 million barrels per day.Iran’s crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a drawdown in buyer interest ahead of expected further pressure from Washington.

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