20.07.201714:37:00UTC+00Crude Oil Pauses After Recent Rally

Crude oil futures inched lower Thursday, trimming recent gains despite signs that U.S. production is slowing.

The EIA reported a significant decline in oil inventories yesterday, driving crude oil above $47 a barrel to 6-week high.

On the final day of the August contract, WTI oil was down 33 cents, or 0.7%, to settle at $46.79/bbl. Meanwhile, London's Brent crude oil briefly passed the $50 threshold.

A report released by the Labor Department on Thursday showed a much bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended July 15th.

Initial jobless claims fell to 233,000, a decrease of 15,000 from the previous week's revised level of 248,000.

Philadelphia-area manufacturing activity grew at a notably slower rate in the month of July, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its index for current manufacturing activity in the region slumped to 19.5 in July from 27.6 in June.