Brent crude oil futures fell 5 cents, or 0.1%, to $74.69 a barrel by 0108 GMT while US West Texas Intermediate (WTI) crude oil futures slipped by 4 cents, or 0.1%, to $72.35 a barrel.
“The (oil inventory) falls suggest the rise in cases of COVID-19’s Delta variant is having little impact on mobility,” ANZ analysts said in a note on Thursday.
Crude inventories fell by 4.1 million barrels in the week to July 23, the US Energy Information Administration (EIA) said, helped by lower imports and a decline in weekly production.
Gasoline stocks also dropped, bringing them largely in line with pre-pandemic levels.
The US economic recovery is still on track despite a rise in coronavirus infections, the Federal Reserve said on Wednesday in a new policy statement that remained upbeat and flagged ongoing talks around the eventual withdrawal of monetary policy support. The central bank left interest rates at 0%.
Still, some worries on fuel demand remain with gasoline demand in the United States and Europe beginning to plateau. Analysts note that globally, pre-pandemic demand levels may not be seen until beyond next year if coronavirus infections and the slow pace of vaccinations further entrenches structural changes in demand.
COVID-19 continues to inflict a devastating toll on the Americas, with Argentina, Colombia, Cuba, Ecuador and Paraguay among the countries with the world’s highest weekly death rates, the Pan American Health Organization said.
