Investing.com - Oil prices were lower in European trade on Thursday, pulling back slightly from the prior session’s five-month highs after data showed that U.S. oil supplies rose to an all-time high last week, underlining concerns over a supply glut.
Crude oil for June delivery on the New York Mercantile Exchange shed 23 cents, or 0.51%, to trade at $45.10 a barrel by 08:05GMT, or 4:05AM ET.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 2.0 million barrels last week to a record-high of 540.6 million barrels.
On Wednesday, Nymex oil prices rallied to $45.62, the most since November 6, as the U.S. dollar weakened after the Federal Reserve left interest rates unchanged and issued a statement implying it was in no hurry to raise rates.
New York-traded oil prices are up nearly 40% since falling to 13-year lows at $26.05 on February 11, as a decline in U.S. shale production boosted sentiment.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery dipped 20 cents, or 0.43%, to trade at $46.73 a barrel after jumping to $47.20 on Wednesday, a level not seen since November 11.
Brent futures prices are up by roughly 35% since briefly dropping below $30 a barrel on February 11.
Meanwhile, Brent's premium to the WTI crude contract stood at $1.63 a barrel, compared to a gap of $1.60 by close of trade on Wednesday.