The Energy Department's Energy Information Administration reports its weekly supply data later Thursday.
"The API came out with a fairly bullish report," energy trader and consultant The Schork Group said in a report. "Crude between $85 and $95 is reasonable in the coming months."
Gains by the dollar against the euro also weighed on oil prices by making crude more expensive for non-dollar investors. The euro slipped to $1.3727 on Thursday from $1.3793 late Wednesday in New York.
In other Nymex trading, heating oil lost 0.41 cent to $2.9306 per gallon and gasoline futures fell 2.24 cents to $2.7263 per gallon. Natural gas slipped 1 cent to $3.479 per 1,000 cubic feet.
Alex Kennedy in Singapore and Joe McDonald in Beijing contributed to this report.
Copyright 2011 The Associated Press.