U.S. data released Wednesday showed crude oil stocks fell 930,000 barrels, compared with the 2.3 million barrel drop that was expected, leaving inventories just 7 million barrels short of the record high, Reuters reported.
While OPEC output fell for a fourth month in April, after a production cut agreement, U.S. oil output has surged, Reuters reported.
Investors also parsed through a slew of economic data on Thursday. Jobless claims fell by 19,000 to 238,000, while productivity for the first quarter fell more than expected. The U.S. trade deficit, meanwhile, narrowed to $43.7 billion. Factory orders, meanwhile, rose less than expected in March.
These data releases culminate on Friday, with the U.S. government posting its monthly payrolls report. Economists polled by Reuters expect the U.S. economy to have added 185,000 jobs last month versus 98,000 in March.
Wall Street’s performance was uninspiring.
The Dow Jones industrial average fell 6.43 points, or 0.03 percent, to close at 20,951.47, the S&P 500 rose 1.39 points, or 0.06 percent, to end at 2,389.52, and the Nasdaq advanced 2.79 points, or 0.05 percent, to close at 6,075.34.