Oil futures rose on Thursday after slumping to a three-week low in the previous session, buoyed by a report from an industry body that showed U.S. crude stockpiles had fallen more than expected.
Data from the American Petroleum Institute (API) showed crude inventories were down by 8.7 million barrels at 513.2 million in the week to May 26. That compared with analyst expectations for a decrease of 2.5 million barrels. [API/S]
Brent crude futures for July (LCOc1) were up 40 cents at $51.16 a barrel by 0245 GMT.
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