Oil futures rose on Thursday after slumping to a three-week low the previous session, buoyed by an industry report that showed U.S. crude stockpiles had fallen more than expected.

Data from the American Petroleum Institute (API) showed crude inventories were down by 8.7 million barrels at 513.2 million in the week to May 26. That compared with analyst expectations for a decrease of 2.5 million barrels.

Brent crude futures for July were up 46 cents at $51.22 a barrel by 0028 GMT. On Wednesday, they fell $1.53, or 3 percent, to settle at $50.31 a barrel on their last day as the front-month contract. It was Brent's lowest close since May 10 and the contract dropped 2.7 percent last month, the third monthly decline. U.S. West Texas Intermediate crude futures were up 51 cents at $48.83 a barrel.

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