Oil prices climb as inventories fall

Oil prices climbed on Thursday after an industry report showed a decline in U.S. crude inventories that exceeded analyst expectations.

U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3%, at $59 a barrel by 0023 GMT. They closed down 0.6% on Wednesday after hitting their lowest since March 12 at $56.88.

Brent crude futures, the international benchmark for oil prices, were up 3 cents at $69.48 a barrel. They fell nearly 1% in the previous session after recouping losses that saw them drop as far as $68.08.

U.S. crude inventories declined by 5.3 million barrels in the week to May 24 to 474.4 million, data from industry group the American Petroleum Institute showed.

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