NYMEX crude weaker in Asia as investors look ahead to U.S. rig count

Investing.com - Crude oil prices fell in Asia Thursday as investors look ahead to rig count data for further signals on U.S. production and weight th prospects on demand as the Federal Reserve holds rates steady for now.

On the New York Mercantile Exchange, WTI crude for August delivery fell 0.35% to $60.12 a barrel.

Crude futures were mixed on Wednesday amid the Federal Reserve's decision to keep short-term interest rates unchanged, as U.S. crude inventories last week fell for the seventh consecutive week.

On the Intercontinental Exchange (ICE), Brent crude for August delivery gained 0.15 or 0.24% to 63.84 a barrel on Wednesday.

In its Weekly Petroleum Status Report released on Wednesday morning, the Energy Information Administration (EIA) said U.S. crude inventories last week fell by 2.7 million barrels to 467.9 million, the highest level at this time of year in at least 80 years. Analysts expected crude stockpiles to decline by 1.7 million barrels for the week ending on June 12.

U.S. crude stockpiles have fallen steadily over the last two months ahead of the start of the summer driving season. Last week, though, U.S. refineries operated at 93.1% of their operable capacity, down slightly from the previous week. As a result, crude stocks at the Cushing Oil Hub in Oklahoma, the main delivery point for NYMEX crude, rose by 112,000 barrels last week, experiencing its first increase since mid-April.

In addition, gasoline stocks rose by 460,000 barrels while distillate stocks increased for the week by more than 110,000 barrels.

Investors are keeping a close eye on gasoline stockpiles at the peak of summer driving. On the gulf coast, Tropical Storm Bill dropped close to a foot of rain on areas southwest of Houston, threatening the region with a new round of flooding. The storm, which was downgraded to a tropical depression on Wednesday, could impact refinery production over the next several days.

Although crude futures are up from 52-week lows of around $45 a barrel at the start of the year, they are still down by roughly 40% since peaking in triple digits last summer. WTI options for July, 2015 contracts expire on Wednesday, while crude futures for July expire next week.