Investing.com - Crude oil prices dipped in early Asia on Thursday as ample supplies diminished concerns over oil-producing geopolitical hotspots and the prospects of faster economic growth in the United States.
On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in October traded at $93.74 a barrel, down 0.15%, after hitting an overnight session low of $93.39 a barrel and a high of $94.24 a barrel.
Brent oil rose 0.2% to $102.72 on ICE Futures Europe.
On Thursday, markets will move on U.S. gross domestic product data, weekly initial jobless claims and a report on pending home sales, with investors hoping the indicators will shed light on the pace of U.S. recovery as well as the future of monetary policy.
Overnight, crude prices slipped despite a bullish weekly supply report, as the data revealed that inventories rose at a key U.S. delivery point.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 2.1 million barrels in the week ended Aug. 22, far surpassing expectations for a decline of 1.3 million barrels.
Total U.S. crude oil inventories stood at 360.5 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1.0 million barrels, compared to forecasts for a decline of 1.1 million barrels, while distillate stockpiles increased by 1.3 million barrels.
Oil prices slumped, however, after the data revealed that stockpiles at the WTI price settlement point in Cushing, Oklahoma, rose by 508,000 barrels to 20.7 million last week, the fourth straight week of gains, leaving markets to conclude that supplies remain plentiful in the world's largest consumer of crude.