West TX Oil Near $57.50 as U.S. Production Rises

U.S. oil scored modest gains on Thursday on news that U.S. crude stocks fell for a fourth week, suggesting the U.S. market was rebalancing after a long period of oversupply.

U.S. crude closed up 17 cents, or 0.3 percent, at $57.68 a barrel. Front-month Brent was 40 cents higher at $62.50 a barrel, after earlier reaching an intra-day low of $61.24, its weakest level since mid-April.

Data from the Energy Information Administration on Thursday showed crude oil inventories fell by 2.8 million barrels in the last week, compared with analysts’ expectations for an decrease of 857,000 barrels.