West TX Oil Drops Below $60 as Product Inventory Drags

U.S. crude futures slipped towards $60 a barrel in early Asian trade on Thursday after a larger than expected draw in U.S. crude stocks was offset by a higher than forecast jump in refined product inventories.

U.S. crude for August delivery had fallen 5 cents to $60.22 a barrel by 0021 GMT, after ending the previous session down 74 cents.  Brent for August delivery rose 7 cents to $63.56 a barrel after settling down 96 cents, or 1.5 percent, in the previous session.

U.S. crude oil inventories fell for the eighth straight week, by 4.9 million barrels to 462.99 million, in the week ending June 19, compared with analyst expectations of a 2.1 million barrel draw, data from the U.S. Department of Energy’s Energy Information Administration (EIA) showed on Wednesday.