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NEW YORK (Bloomberg) -- Oil futures pared losses after U.S. government data showed crude stockpiles decreased a fourth week, reducing the glut.

 

Crude inventories fell by 933,000 bbl last week, according to the U.S. Energy Information Administration. A 2.33 MMbbl decline had been projected by analysts in a Bloomberg survey ahead of the release. The American Petroleum Institute was said to report Tuesday that inventories rose 1.16 MMbbl. Crude output dropped to the lowest level since September 2014, the EIA data show.

 

"The official data was quite a bit different from the API," said Craig Bethune, a fund manager at Manulife Asset Management Ltd. in Toronto who focuses on energy and natural resources investments. "People are expecting further declines. Inventories are still high and have to trend lower, otherwise there will be no support for high prices."

 

West Texas Intermediate for July delivery fell 11 cents, or 0.2%, to $48.38/bbl at 11:06 a.m. on the New York Mercantile Exchange. WTI touched $47.55, the lowest since May 23, before the release of the report at 10:30 a.m. in Washington. Brent for August settlement declined 35 cents, or 0.7%, to $49.48/bbl on the London-based ICE Futures Europe exchange.

 

Nationwide crude supplies fell to 531.5 MMbbl in the week ended June 10, according to the EIA. Stockpiles climbed to an 87-year high of 543.4 MMbbl in the last week of April, EIA data show.