2019.07.0406:02:00UTC+00Oil Prices Ease After Rally

Oil prices eased on Thursday as signs of slowing U.S. demand and data showing a smaller-than-expected decline in U.S. crude stockpiles prompted traders to book some profits after strong gains in the previous session.

Benchmark Brent crude eased marginally to $63.78 per barrel, after having closed up 2.3 percent in the previous session.

U.S. West Texas Intermediate crude futures were down 0.4 percent at $57.11 per barrel, after gaining 1.9 percent on Wednesday.

U.S. crude stockpiles fell by 1.1 million barrels in the week ended June 28, as against expectations for a decline of nearly 3 million barrels, data released by the Energy Information Administration showed on Wednesday.

Gasoline inventories were down by about 1.58 million barrels, much less than an expected drop of about 2.17 million barrels.

Distillate stockpiles increased unexpectedly by 1.58 million barrels, suggesting that oil demand in the United States, the world's biggest crude consumer, could be slowing.

A report from payroll processor ADP showed U.S. private sector job growth reaccelerated in the month of June but still fell below forecasts.

The U.S. trade deficit widened by more than anticipated in May and there was a notable slowdown in the pace of service sector growth, adding to the growth worries.

The weak U.S. data followed a report of slow business growth in Europe last month as well.

The Labor Department's closely watched monthly jobs report is due on Friday. U.S. employment is expected to increase by 160,000 jobs in June after an increase of 75,000 jobs in May. The jobless rate is expected to hold at 3.6 percent.