Oil prices closed little changed on Thursday as they fell in early trade before receiving support from a record drop in crude inventories at the US contract delivery center.
The market remains concerned that OPEC-led output cuts will spur large price rises, leading to an increase in supplies from the United States.
Oil has been near its highest level since December 2014, with support from OPEC-led supply cuts and Russia, and concerns that unrest in producing countries such as Nigeria could curb output further.
The US Energy Information Administration said on Thursday that crude inventories in the United States fell by 6.9 million barrels last week while it was expected to fall 3.5 million barrels.
Stocks at the US contract delivery center in Cushing, Oklahoma, fell 4.2 million barrels, the biggest drop since at least 2004.
Global Brent crude ended the day’s Brent close to a close of 7 cents to settle at $ 69.31 a barrel. Brent hit $ 70.37 on Monday, the highest since December 2014.
US benchmark WTI futures closed down two years low at $ 63.95 a barrel after hitting a three-day high of $ 64.89 on Tuesday.
