US crude gives up gains, turns lower

Oil prices saw mixed performance on Thursday, as the US crude gave up its early gains, despite the US dollar falling against most major currencies.

The US Energy Information Administration (EIA) showed today that the US crude inventories fell 7.4 million barrels during the past week, beating forecasts of a drop by 4 million barrels.

The dollar index fell against a basket of currencies by 0.1% to 92.8 points as of 17:26 GMT, after it hit a high of 93.08 and a low of 92.5.

As of 17:19 GMT, West Texas Intermediate crude fell 0.4% to $42.03 a barrel, after it hit a high of $43.6 and a low of $41.6.

Brent rose 0.1% to $45.2 a barrel, with a high of $45.7 and a low of $44.8.