Crude-oil futures were mixed in Thursday trade as investors weighed concerns that global oil oversupply hasn’t really been dented by slowing U.S. oil production. On the New York Mercantile Exchange, light, sweet crude futures for delivery in June CLM5, -0.05% had been switching between small gains and losses and was last trading at $60.50 a barrel, roughly unchanged in the Globex electronic session. Meanwhile, June Brent—the global benchmark— LCOM5, +0.27% on London’s ICE Futures exchange was up 38 cents to $67.65, turning higher after dipping earlier in the session. Oil prices were under pressure despite U.S. crude stockpiles falling for the second consecutive week, declining by 2.2 million barrels in the week ended May 8, official data showed. “The market may be able to shrug off this weakness and run higher, but the failure to rally on bullish news calls into question whether crude oil remains a bull market,� analyst Tim Evans at Citi Futures said. Weekly U.S. gasoline and diesel stocks also fell unexpectedly, along with a surprise decline in the amount of oil processed by U.S. refineries, which may bring some volatility to oil prices, Société Générale said in a report. “Firmer U.S. fundamentals are not just supportive for WTI, but also for Brent and the global oil complex. We expect global markets to be nearly balanced in the second half of the year,� the bank said. Read: Shale-oil producers ready to raise production Oil futures have registered minor losses after the International Energy Agency’s monthly oil report on Wednesday pointed to ongoing oversupply. The Paris-based energy watchdog said not only does the decline in U.S. crude inventories pale in comparison with the massive builds of the first quarter, but there are also signs that petroleum product stocks are rising. Global crude supply was up by a staggering 3.2 million barrels a day in April, the IEA said. It said while U.S. oil production is slowing, the rest of the oil patch isn't standing still and pockets of supply growth are emerging from unsuspected corners. Oil markets will now be focused on OPEC’s upcoming meeting for cues on the cartel’s production levels and market strategy. “The OPEC meeting is coming up in June, but we do not expect a change in OPEC policy,� ABN AMRO’s economists said. “As the fundamentals did not change, and the situation of oil oversupply lingers on, we see downside risks to oil prices,� they said. Nymex reformulated gasoline blendstock for June RBM5, +0.59% — the benchmark gasoline contract — was flat at $2.036 a gallon, while June diesel traded at $2.0000, 51 points lower. ICE gasoil for June changed hands at $611.25 a metric ton, down $3.25 from Wednesday’s settlement.

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