U.S. crude oil futures fell on Thursday despite a larger-than-expected decline in inventories, pushing its discount to global Brent crude to its highest level in more than three years.
U.S. West Texas Intermediate crude ended the session down $1.17, or 1.7 percent, at $67.04 a barrel. WTI fell 2.2 percent during May, breaking a two-month winning streak.
Brent crude was up 2 cents at $77.52 per barrel by 2:21 p.m ET, after settling the last session up 2.8 percent. Brent is heading for a more than 3 percent gain this month.
U.S. commercial crude inventories fell by 3.6 million barrels in the week to May 25, the Energy Information Administration reported. Analysts in a Reuters poll expected a decrease of 525,000 barrels.
Offsetting the big drop in crude stockpiles, gasoline stocks rose by 534,000 barrels, while distillate stockpiles, which include diesel and heating oil, jumped by 634,000 barrels. Inventories of both products were expected to fall by more than a million barrels.