Oil futures ease after US gasoline stock surge

London (Quantum Commodity Intelligence) - Oil futures edged lower during Thursday morning trade in London, after weekly inventory data from the US Department of Energy revealed a sharp rise in gasoline inventories, while the draw on crude stocks was below analysts' forecast.

Brent futures for June crude were trading $63.18/b, down $0.37/b at 1030 GMT, while May WTI was $0.47/b lower at $59.77/b.

The DoE said in its weekly report that gasoline stocks surged 4 million barrels to more than 230 million barrels, nothing that refiners are ramping up gasoline production ahead of the summer driving season.

US crude oil inventories dropped by 3.5 million barrels to around 502 million barrels, but some analysts had expected a slightly larger fall.

Meanwhile, talks between Iran and the international community in Vienna this week regarding the country's nuclear program continues to weigh on market sentiment, with any agreement expected to lead to increased oil exports.

China has already stepped up Iranian crude imports this year, while India has also signalled its intentions to buy more crude from the Islamic Republic.

India suspended imports of Iranian crude in 2019 to comply with US sanctions.