Crude oil dropped as concerns about global energy demand outweighed the decision of OPEC and allies to extend output cuts by another nine months.
Prices were also capped by signs of a recovery in oil exports from Venezuela in June and growth in oil production in Argentina in May.
OPEC and OPEC+, agreed to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.
The API said that U.S. crude inventories fell by 5 million barrels last week, more than the expected decrease of 3 million barrels.
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