Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.

Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand.

Oil futures ticked higher early Thursday, steadying after setting back the previous session following data that showed a rise in product inventories that offset a fall in crude supplies.

Oil prices declined for a second day on Thursday after large builds in fuel inventories in the U.S., the world's biggest oil user, though expectations for increasing winter fuel demand and concerns over tighter supply limited the drop.