Supplies of the energy commodity in Cushing, Oklahoma, last week dropped by 1.08 million barrels, to amount to 34.8 million, the Energy Information Administration said on Wednesday.
"Despite the fact we saw a bit of a rally last night, crude is really still within the range of the last couple of days," chief analyst Ric Spooner with CMC Markets in Sydney told the news source on Thursday. "There's a chance we'll see it lose a bit ground from here in the short term."
At 12:32 p.m. on Thursday, WTI crude oil futures edged down 0.51 percent, a 52-cent drop to $102.07 per barrel. At 12:31 p.m., Brent crude oil futures fell 0.64 percent, a 70-cent loss to $108.82 per barrel.
The Economic Times reports the foreign minister of Iran and the external affairs minister of India are slated to convene on Friday in the Indian capital and one topic Iran is angling to discuss is the $1 billion debt India owes for crude oil supplies.
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