WASHINGTON (dpa-AFX) - Crude oil futures moved sharply lower during trading on Thursday, largely offsetting the strong upward move seen in the previous session.
After surging $0.95 or 1.6 percent to $61.84 a barrel during Wednesday's session, crude for July delivery tumbled $0.90 or 1.5 percent to $60.94 a barrel.
The pullback by the price of crude oil came amid lingering supply concerns amid the possibility OPEC+ may agree to accelerate oil production hikes in July.
Meanwhile, traders largely shrugged off a report from the Energy Information Administration showing crude oil inventories in the U.S. unexpectedly decreased in the week ended May 23rd.
The EIA said crude oil inventories fell by 2.8 million barrels last week after climbing by 1.3 million barrels in the previous week. Economists had expected crude oil inventories to rise by 1.0 million barrels.
At 440.4 million barrels, U.S. crude oil inventories are about 6 percent below the five-year average for this time of year, the EIA said.
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