Oil prices lower as crude inventories build higher than expected

Oil prices lower as crude inventories build higher than expected

Oil prices traded lower on Thursday in Asia after data showed a higher-than-expected build in crude inventories.

U.S. Crude Oil WTI Futures fell 0.3% to $58.23 by 11:54 PM ET (03:54 GMT).

International Brent Oil Futures slipped 0.1% to $62.94.

The Energy Information Administration (EIA) reported that U.S. crude inventories fell by 4.9 million barrels for the week ending at November 29. This was in contrast with expectations for a drop of 17.3 million barrels according to forecasts from economists.

Gasoline also inventories rose by 3.4 million barrels, higher than a rise of 1.8 million barrels. Distillate stockpiles rose by about 3.1 million barrels in compares to an expected build of about 1.1 million.