Crude oil futures on Nymex made some recovery on Thursday, after data showed that supplies of US crude fell more than expected and were down for the eighth consecutive week. However, inventories remain above normal limits and were at record highs as recently as March, keeping the prices under pressure. Also, the early momentum was offset by an announcement from President Donald Trump that the US is withdrawing from the 2015 Paris climate agreement. Meanwhile, Energy Information Administration (EIA) inventories of US crude fell by roughly 6.4m barrels in the week ended May 19. 

Gasoline inventories dropped by 2.86m barrels, while distillate stockpiles unexpectedly rose by 394,000 barrels. Benchmark crude oil futures for July delivery ended up by $0.04 or 2.7 percent to $48.36 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended lower by $0.21 to $50.55 on the ICE.

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