Oil prices settled down in Asia after hitting month-long highs overnight and ahead of a meeting of the oil producers on Monday.
By mid-morning in Asia, oil prices flattened out. West Texas Intermediate futures for September delivery were virtually flat by mid-morning, down just 0.02% to $46.91. Brent crude for September delivery was also down just 0.02% to $49.29.
Oill prices climbed Thursday after U.S. crude oil inventories fell 4.73 million barrels for the week to July 14, the EIA reported. That drop built on a 7.5 million drop recorded the week earlier. Gasoline inventories dropped by 4.4 million barrels.