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US crude inventories fall by 4.2 million barrels, more than expected

Oil prices pared losses after U.S. government data showed crude stockpiles fell more than expected in the last week.

The Energy Information Administration reported U.S. commercial crude inventories fell by 4.2 million barrels in the week ending July 24. Analysts had expected a draw down of 189,000 barrels.

Oil prices fell earlier on Wednesday, in their longest string of daily losses in a year as worsening global oversupply offset the potential lift from a weaker dollar and an expected drop in U.S. crude stocks.

A Reuters survey on Tuesday showed members of the Organization of the Petroleum Exporting Countries produced around 3 million barrels per day (bpd) of oil more than daily demand in the second quarter, compared with around 2 million bpd in the first three months of the year.

http://www.cnbc.com/2015/07/28/us-crude-falls-on-global-glut-fears-despite-stocks-drawdown.html