Oil futures rose today from a three-week low touched the previous session, buoyed by a report that showed US crude stockpiles had fallen more than expected.
Brent crude futures for July LCOc1 were up 39 cents (0.8%) at $51.15 a barrel by 0552 GMT, after trading higher earlier.
On Wednesday, they fell $1.53 (3%) to settle at $50.31 a barrel on their last day as the front-month contract. It was Brent's lowest close since May 10 and the contract dropped 2.7% last month, the third monthly decline.
US WTI crude CLc1 futures were up 40 cents (0.8%) $48.72 a barrel.
They dropped $1.34 (2.7%) in the previous session to settle at $48.32 per barrel, the lowest close since May 12. The US benchmark also fell for a third month in May, declining 2%.
Data from the American Petroleum Institute (API) showed crude inventories were down by 8.7 million barrels at 513.2 million in the week to May 26. That compared with analyst expectations for a decrease of 2.5 million barrels. [API/S], Reuters reported.
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