Crude dropped for a fourth consecutive session on Wednesday, with U.S. oil settling over $104, as concerns about supply disruptions ebbed, and a report showed U.S. crude inventories declined while products supplies unexpectedly rose.
The weekly U.S. Energy Information Administration report released earlier said crude inventories declined by 1.32 million barrels - largely in line with the 1.2 million-barrel reduction analysts forecast. The decline was smaller than the 3.66 million-barrel drop reported on Tuesday by industry group the American Petroleum Institute. The EIA also reported small rises in gasoline and distillates stocks, in contrast to expected declines.
Crude has dropped this week on progress in resolving supply disruptions in Libya, the ending on time of some North Sea oilfield maintenance and as Iran's new president signaled a willingness to negotiate with the West over its nuclear work.
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