The West Texas Intermediate for June delivery lost 2.81 U.S. dollars, or 2.5 percent, to settle at 109.59 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery decreased 2.82 dollars, or 2.5 percent, to close at 109.11 dollars a barrel on the London ICE Futures Exchange.
The retreat came as market sentiment was somewhat dented amid a steep sell-off in equities. U.S. stocks plummeted on Wednesday with the Dow and the S&P 500 both booking their worst daily plunges since 2020.
The U.S. Energy Information Administration (EIA) said Wednesday that the nation's crude inventories fell by 3.4 million barrels in the week ending May 13. Analysts surveyed by S&P Global Commodity Insights had expected the EIA publications to show a 2.1 million barrel rise in oil inventories.
According to the EIA, total motor gasoline inventories decreased by 4.8 million barrels last week, while distillate fuel inventories increased by 1.2 million barrels.
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