WTI Crude oil futures held steady around $83 per barrel on Thursday, buoyed by a drop in oil inventories. Oil prices slipped in the previous session as tensions in the Middle East eased, with Iran and Israel signaling no further military actions. Progress in oil tanker deliveries in the Red Sea alleviated supply concerns, easing tightness in foreign markets. Crude oil inventories in the U.S. unexpectedly pulled back sharply in the week ended April 19th, according to a report released by the Energy Information Administration on Wednesday. The EIA said crude oil inventories plunged by 6.4 million barrels last week after jumping by 2.7 million barrels in the previous week. Economists had expected crude oil inventories to increase by 1.6 million barrels. At 453.6 million barrels, U.S. crude oil inventories are about 3 percent below the five-year average for this time of year, the EIA added. The report also said gasoline inventories edged down by 0.6 million barrels last week and are about 4 percent below the five-year average for this time of year.

Powered by Commodity Insights