US crude oil futures dipped lower on Thursday after volatile trading session. Release of government report that showed crude inventories fell unexpectedly last week propped up oil prices to a three-week high. However, prices lost steam as the market focused on a rise in total oil supplies. Before release of the oil inventory report, oil as well as stocks were lifted by reports showing initial jobless claims in the United States fell more than expected and that the US trade deficit had narrowed.
As per OPEC projections, world oil demand growth was expected to grow by 1.05 mln bpd or 1.2% to 85.5 mln bpd, unchanged from the previous forecast.