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<\/div>\n<\/div>\nU.S. West Texas Intermediate (WTI) crude futures were down 47 cents\u00a0or 0.82% at $56.87 per barrel. WTI closed up 1.9% on Wednesday.<\/p>\n
Markets appeared unmoved by the detention in Gibraltar by British Royal\u00a0Marines of a supertanker possibly carrying Iranian crude oil bound for Syria, as\u00a0tensions between Iran and the United States have flared over mysterious attacks\u00a0on tankers in the Gulf of Oman in recent months.<\/p>\n
\u201cGains were capped by the Energy Information Administration (EIA) reporting\u00a0a weekly decline of 1.1 million barrels in crude stocks, versus the 3 million\u00a0barrels forecast by analysts and 5 million barrels reported by the API a day\u00a0earlier,\u201d Cantor Fitzgerald Europe said.<\/p>\n
\u201cAlso providing headwinds were signs of a recovery in oil exports from\u00a0Venezuela in June and growth in Argentinian output in May,\u201d it added.<\/p>\n
U.S. inventories fell less than expected as U.S. refineries last week\u00a0consumed less crude than the week before and processed 2% less oil than a year\u00a0ago, the EIA data showed, despite being in the midst of the summer gasoline\u00a0demand season.<\/p>\n
That suggests oil demand in the United States, the world\u2019s biggest crude\u00a0consumer, could be slowing amid signs of a weakening economy. New orders for\u00a0U.S. factory goods fell for a second straight month in May, government data\u00a0showed on Wednesday, adding to the economic concerns.<\/p>\n
The weak U.S. data followed a report of slow business growth in Europe last\u00a0month as well.<\/p>\n
\u201cTossing aside the short-term nature of fluctuations around the inventory\u00a0data, it\u2019s impossible to escape the economic reality that we are in the midst of\u00a0a global manufacturing downturn,\u201d said Stephen Innes, managing partner, Vanguard\u00a0Markets.<\/p>\n
The weakness in oil was offset slightly by the broader outlook for global\u00a0supplies.<\/p>\n
U.S. energy firms this week reduced the number of oil rigs operating for the\u00a0first time in three weeks as drillers follow through on plans to cut spending\u00a0this year.<\/p>\n
Drillers cut five oil rigs in the week to July 3, bringing the total count\u00a0down to 788, General Electric Co\u2019s GE.N Baker Hughes energy services firm said\u00a0in its closely followed report on Wednesday.<\/p>\n
Global supply is also expected to contract as the Organization of the\u00a0Petroleum Exporting Countries and other producers such as Russia, a group known\u00a0as OPEC+, agreed on Tuesday to extend oil production cuts until March 2020.<\/p>\n
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