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Oil Prices Little Changed In Lackluster Trade

Oil prices fell slightly on Thursday as surging U.S. oil production and lingering uncertainty over the U.S. - China trade dispute offset a surprise decline in inventories.

Benchmark Brent crude was marginally lower at $71.59 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down 0.1 percent at $63.70 per barrel.

Growth worries resurfaced after a measure of Eurozone business activity barely grew in April.

Growth stuttered in Germany while activity in France stabilized after contracting in March.

Data from Energy Information Administration (EIA) on Wednesday showed a drop in U.S. crude stockpiles, helping limit the losses in crude futures.

Crude stockpiles in the U.S. dropped by 1.4 million barrels in the week ended April 12, slightly more than the expected fall.

OPEC-led production cuts, the impact of U.S. sanctions on Iran and Venezuela, and disruptions in crude production in Libya due to the ongoing unrest in the country, also helped limit oil's decline.

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