Oil prices moved lower in early morning trade on Thursday as demand worries continued to exert downward pressure on the sector. Trading was expected to be thin due to the Fourth of July holiday in the U.S.

U.S. crude oil futures fell 33 cents, or 0.6%, to $57.01 at 7:28 AM ET (11:28 GMT), while Brent oil traded down, 9 cents, or 0.1%, to $62.73.

Weekly data from the U.S. Energy Information Administration showed a much smaller than expected decline in U.S. crude inventories, casting doubt on demand despite it being in the middle of the U.S. driving season.

Source : Investing.com