Oil Drops Below $63 After Jumping on Stellar U.S. Demand Data - Bloomberg

Oil Drops Below $63 After Jumping on Stellar U.S. Demand Data - Bloomberg

• West Texas Intermediate slipped 33 cents to $62.82 at 10:19 a.m. London time
• Brent for June settlement fell 31 cents to $66.27

Oil eased, cooling some of a rally that pushed prices up by almost 5% on Wednesday.

Futures in New York traded near $63 a barrel on the back of the longest run of gains in more than a month.

Signs of a stronger U.S. market are abounding. The number of miles driven on U.S. interstates rose versus the same period in 2019 for the first time since the pandemic began. U.S. crude inventories dropped the most in almost two months last week, while a gauge of gasoline demand ticked higher for a seventh straight week.