New front month U.S. crude futures inched up towards $94 in early Thursday trade as a bigger than expected drop in petroleum stockpiles outweighed news of increased supplies.
U.S. crude futures for October delivery had risen 7 cents to $93.52 a barrel by 0005 GMT. The September crude contract, which expired on Wednesday, finished $1.59 higher.
U.S. crude oil inventories fell by 4.5 million barrels in the week to Aug. 15, compared with analysts’ expectations for a decrease of 1.2 million barrels, data from the Energy Information Administration showed on Wednesday.
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