WASHINGTON (dpa-AFX) - Despite data showing a much larger than expected drop in crude inventories in the U.S. in the week ended August 30th, crude oil futures settled lower on Thursday due to concerns about the outlook for demand.
Oil prices found some support on reports that OPEC+ has postponed plans to boost production next month.
West Texas Intermediate Crude oil futures for October ended down by $0.05 at $69.15 a barrel, the lowest settlement in about nine months.
Brent crude futures settled slightly down at $72.69 a barrel.
Data from the U.S. Energy Information Administration (EIA) said crude oil inventories dropped by 6.9 million barrels last week after slipping by 0.8 million barrels in the previous week. Economists had expected crude oil inventories to dip by 0.9 million.
At 418.3 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA added.
Distillate fuel inventories, which include heating oil and diesel, also edged down by 0.4 million barrels last week and are about 10 percent below the five-year average for this time of year.
Meanwhile, gasoline inventories rose by 0.8 million barrels last week but are about 2 percent below the five-year average for this time of year.
According to reports, OPEC+ confirmed that it will delay the return of 180,000 barrels per day of shut-in production to the market slated for October by two months.
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