Oil prices fell anew after briefly spiking on Wednesday after government data showed gasoline and distillate inventories fell more than expected, offsetting a surprise rise in U.S. crude stocks as imports increased.
Brent futures fell 25 cents to $63.44 a barrel at 2:33 p.m. ET, after briefly rising to $64.64, near the highest level since June 2015.
U.S. West Texas Intermediate (WTI) futures settled 39 cents lower, or 0.68 percent, at $56.81 a barrel, after spiking to $57.92, the highest level since July 2015.
Crude inventories rose by 2.2 million barrels in the last week, compared with analysts' expectations for an decrease of 2.9 million barrels.
Preliminary U.S. production figures also showed weekly output rose to an all-time high of 9.62 million barrels a day, taking out the previous record set in June 2015.
Offsetting the crude build, gasoline stocks fell by 3.3 million barrels, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, were down by 3.4 million barrels, versus expectations for a 1.4 million-barrel decline, the EIA data showed.