Wednesday's surge came after the U.S. Energy Department's weekly data showed higher-than-expected increases in gasoline and distillate inventories.
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Light, sweet crude for November delivery fell 19 cents to 62.77 dollars a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.
The contract settled Wednesday at 62.96 dollars on the New York Mercantile Exchange, a gain of 1.95 dollars for the day, and the price peaked at 63.21 dollars during Thursday's early trading.
November Brent crude on London's ICE Futures exchange rose 32 cents to 62.53 dollars a barrel.
A weekly U.S. Energy Department petroleum supply snapshot showed Wednesday U.S. inventories of crude oil fell by 100,000 barrels to 324.8 million barrels, or 5 percent more than last year.
The Energy Information Administration, the department's statistical arm, said domestic inventories of gasoline increased by 6.3 million barrels last week to 213.9 million barrels, or 9 percent above year ago levels.
Speculation OPEC might trim output helped bolster prices, although officials say OPEC has no plan yet to meet before its next scheduled conference in December.
Some analysts say the glut in U.S. inventories, along with a forecast warmer-than-usual winter, could push oil prices below 60 dollars in the next two months.
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