Futures in New York fell as much as 1.3 percent after the data showed a surprise gain in nationwide crude inventories and record-high production, while robust fuel demand depleted gasoline stockpiles by the most since May. Meanwhile, an OPEC committee meeting provided little insight on how output quotas will be split between the group. The Energy Information Administration reported that U.S. crude inventories rose by 5.84 million barrels last week, confounding most analysts in a Bloomberg survey who forecast a decline. Oil production reached a record 11 million barrels a day. Along with falling refinery-utilization rates, a drop in crude exports to the lowest since April also contributed to the inventory build. Click Read More below for additional information.
Brent crude futures mark highest finish month to date.
Oil futures climbed Thursday, stretching their winning streak to a third session, as investors focused on still percolating Middle East tensions.
West Texas Intermediate crude for June delivery rose 85 cents, or 1.4%, to settle at $62.87 a barrel, with prices marking the highest finish for a front-month contract since May 1, according to Dow Jones Market Data. Prices posted a third straight climb and trade roughly 2% higher for the week.
The global benchmark, July Brent, added 85 cents, or 1.2%, to $72.62 a barrel on ICE Futures Europe, for the highest finish to date in May.