Oil futures fell in American trade even as the dollar index swooned to July 9 lows, following earlier data from the US, the world's largest energy consumer, including a call by US President Donald Trump on OPEC to drive prices lower.
As of 04:35 GMT, US crude futures due in October fell 0.28% to $70.92 a barrel, while Brent November futures slid 0.78% to $78.78 a barrel, as the dollar index shed 0.47% to 94.09, marking ten-week lows.
Earlier US data showed unemployment claims fell 3 thousand in the week ending September 15 to 201 thousand from 204 thousand, besting estimates of 210 thousand, while continuing claims fell to 1.645 million in the week ending September 8, beating estimates of 1.705 million.
The Philly manufacturing index rose to 22.9 from 11.9, beating expectations of 17.5.
US existing home sales were unchanged in August at an annualized 5.34 million units, compared to a 0.7% dip in July, while analysts expected a 0.5% increase to 5.37 million.
Another US Inventory Drawdown
On Wednesday, the Energy Information Administration released its report on US crude stocks, showing a drop of 2.1 million barrels in the week ending September 14, compared to a 5.3 million decline in the previous reading, while analysts expected a 2.7 million decline, with total stocks receding to 394.1 million barrels, making them 3% below five-year averages for this time of year.
Gasoline stocks fell 1.7 million barrels, still 8% above five-year averages, while distillate stocks, including heating fuel, rose 0.8 million barrels, still 2% below five-year averages.
US Oil Rig Count
Baker Hughes, a US oil services company, reported an increase of 7 rigs in the oil rig count to a total of 867 rigs last week.