Commodities – WTI Oil Futures Pare Losses After Crude Inventories

Investing.com – West Texas Intermediate oil pared losses in North American trade on Thursday in what was an initial reaction after data that showed that oil supplies in the U.S. registered a larger-than-expected inventory draw.

for February delivery on the New York Mercantile Exchange fell $0.19, or 0.30%, to trade at $63.78 a barrel by 11:02AM ET (16:02GMT) compared to $63.49 ahead of the report.

The U.S. Energy Information Administration said in its weekly report that fell by 6.861 million barrels in the week ended January 12. Market analysts’ had expected a crude-stock draw of 3.536 million barrels, while the American Petroleum Institute late Wednesday reported a supply draw of .

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