Oil prices fell around 2 percent Thursday morning after the U.S. Energy Information Administration (EIA) reported a large drawdown of 4.3 million crude oil inventories last week.

At 401.5 million barrels, U.S. crude oil inventories are at the five-year average for this time of year. The EIA reported last Wednesday a draw of 2.8 million barrels for the previous week ending Aug. 24.

Around one hour after the report was released, West Texas Intermediate (WTI) October delivery traded at 67.21 U.S. dollars at New York Mercantile Exchange, down 1.51 dollars or 2.20 percent. While Brent November delivery traded at 75.92 dollars at ICE Futures Exchange, down 1.35 dollars or 1.75 percent.

According to the EIA, however, the inventories of U.S. total motor gasoline and distillate fuel increased by 1.8 million barrels and 3.1 million barrels, respectively, last week, or up about 7 percent and 6 percent, respectively. Enditem