Oil prices down despite reported draw of U.S. crude inventory

HOUSTON, Aug. 8 (Xinhua) -- The prices of both Brent and West Texas Intermediate (WTI) dropped by over 2.5 percent on Wednesday morning following the reported draw of crude oil inventory by U.S. Energy Information Administration.

EIA reported a draw of 1.35 million barrels of crude oil inventory for the week ending Aug. 3, which was lower than market's expectation of 3.1 million barrels draw. Following the announcement by EIA, the WTI lost 2.78 percent to 67.25 U.S. dollars, while Brent decreased 2.55 percent to 72.75 dollars.

Meanwhile, EIA reported surprising build of 2.9 million barrels of gasoline while the market's expectation was 1.1 million barrels of draw. The U.S. crude oil production went down to 10.8 million barrels per day.