2018.01.1814:55:00UTC+00Crude Oil Levels Off As Gasoline Stockpiles Jump

Crude oil prices were flat Thursday amid speculation the fossil fuel is overbought near 3-year highs.

Another report showing a big drop in US oil stockpiles failed to drive oil prices any higher.

The Energy Information Administration reported oil inventories dropped 6.9 million barrels this week, the seventh consecutive weekly declince.

However, in gasoline, the EIA reported another build of 3.6 million barrels for the week to January 12.

And after cold weather interruptions, U.S. crude production rose 258,000 barrels per day to 9.75 million bpd last week.

Feb. WTI oil was down 2 cents to settle at $63.95/bbl on Nymex.

In economic news, data showed that U.S. jobless claims fell to the lowest in 45 years.

However, a report from the Commerce Department showed a steep drop in new residential construction in the month of December.

The report said housing starts tumbled by 8.2 percent to an annual rate of 1.192 million in December from the revised November estimate of 1.299 million.