Oil prices settled mixed on Thursday as rising dollar and climbing interest rates capped gains.
Earlier on Thursday, crude futures were extending gains from the previous session, which came after weekly government data showed U.S. crude stockpiles dropped sharply.
Crude oil inventories fell 1.1 million barrels in the April 13 week to 427.6 million, 19.7 percent below their level a year ago, the U.S. Energy Information Administration reported Wednesday.
However, a stronger greenback made the dollar-denominated oil less attractive for holders of other currencies, knocking off the commodity from its highest levels in more than three years.
The West Texas Intermediate (WTI) for May delivery decreased 0.18 U.S. dollar to settle at 68.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.3 dollar to close at 73.78 dollars a barrel on the London ICE Futures Exchange.
Earlier on Thursday, crude futures were extending gains from the previous session, which came after weekly government data showed U.S. crude stockpiles dropped sharply.
Crude oil inventories fell 1.1 million barrels in the April 13 week to 427.6 million, 19.7 percent below their level a year ago, the U.S. Energy Information Administration reported Wednesday.
However, a stronger greenback made the dollar-denominated oil less attractive for holders of other currencies, knocking off the commodity from its highest levels in more than three years.
The West Texas Intermediate (WTI) for May delivery decreased 0.18 U.S. dollar to settle at 68.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 0.3 dollar to close at 73.78 dollars a barrel on the London ICE Futures Exchange.
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