Oil prices extend losses despite surprise drop in US inventories

SYDNEY (Reuters): Oil prices edged down on Thursday despite a surprise decline in US inventories, with international benchmark Brent retreating from a five-month high touched in the previous session.

Brent crude futures were at $71.51 a barrel at 0056 GMT, down 11 cents, or 0.2%, from their last close. Brent fell 0.1% on Wednesday, after earlier touching its highest since 8 November at $72.27 a barrel.

US West Texas Intermediate (WTI) crude futures were at $63.67 per barrel, down 9 cents, or 0.1%, from their previous settlement. WTI closed the last session down 0.5%.

“Prices are soft despite a surprise drawdown in U.S. inventories,” ANZ Bank said in a research note.

US crude inventories fell by 1.4 million barrels in the week to 12 April, compared with analyst expectations for an increase of 1.7 million barrels.

Net US crude imports last week dropped by 659,000 barrels per day (bpd).