Oil prices slip after hitting seven-year high on surprise stockpiles drop

Crude inventories at the key storage hub of Cushing slid by 2.32 million barrels to the lowest level since 2018

Oil slipped after hitting a seven-year high following a surprise draw in US crude stockpiles and a robust decline in fuel supplies. 

Futures in New York edged toward $83 a barrel after advancing more than 1 per cent on Wednesday to settle at the highest level since 2014. US crude inventories fell by 431,000 barrels last week, according to government data, compared with a Bloomberg survey that had forecast a fourth weekly increase. Gasoline and distillate inventories also decreased more than expected.

The market has tightened significantly recently as coal and natural gas shortages drive greater crude consumption, underpinning a rally in