Singapore — Oil prices were sitting just below eight-week highs on Thursday, buoyed by hope that a steeper than expected decline in US crude oil inventories would reduce global oversupply. Brent crude futures were down 6c or 0.1% at $50.91 a barrel at 3.40am GMT, after rising about 1.5% in the previous session. US West Texas Intermediate futures were down by the same margin — 6c or 0.1% — at $48.69 a barrel. US crude stocks fell sharply last week as refineries increased output and imports declined, with petrol stocks and distillate inventories also falling, the Energy Information Administration said on Wednesday. The 7.2-million-barrel decline in crude inventories in the week ending July 21 was well above the forecast of 2.6-million barrels. "This marks the fourth consecutive week that total hydrocarbon inventories have fallen during a time of year when they normally increase," PIRA Energy oil analyst Jenna Delaney said. US shale producers including Hess, Anadarko Petroleum and Whit...
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