Ammon News - Oil prices fell on Thursday after rising in the previous session as investors weighed expectations for lower U.S. fuel demand with the end of the summer demand season nearing and focused on India's response to punitive U.S. tariffs.

Brent crude futures dropped 63 cents, or 0.91%, to $67.43 at 0502 GMT, and West Texas Intermediate (WTI) crude futures dropped 62 cents, or 0.97%, to $63.55.

Both contracts climbed in the prior session after the U.S. Energy Information Administration reported that U.S. crude inventories fell by 2.4 million barrels in the week ended August 22, compared with analysts' expectations in a Reuters poll for a 1.9-million-barrel draw.

The drop signaled strong demand ahead of the upcoming U.S. Labor Day long weekend. However, this typically marks the unofficial end of the summer driving season and the onset of lower U.S. demand, IG market analyst Tony Sycamore said.

The prospect of a near-term interest rate cut in the U.S. has also supported the oil market, as that would potentially boost economic activity and oil demand.

Reuters