05:02 AM EDT, 08/29/2024 (MT Newswires) -- Crude oil prices edged lower as they failed to break through the 200-day moving average, triggering some selling, and a stronger U.S. dollar weighed on sentiment, ANZ Bank said in a Thursday note.

The U.S. dollar index at last look gained 0.2% to US$101.29 early Thursday.

Brent crude fell 0.5% to US$78.24 per barrel and West Texas Intermediate crude lost 0.4% to US$74.21/b at last look early Thursday. This comes despite further decreases in U.S. inventories and renewed supply disruptions, the bank noted.

Weekly U.S. crude oil inventories fell for the eighth time over the past nine weeks, but the 846,000-barrel drop was lower than the 3.4 million barrels estimated by the American Petroleum Institute, ANZ Bank said. The decrease pushed U.S. stockpiles to their lowest level since January.

Gasoline inventories also fell by 2.2 million barrels while distillate stockpiles recorded a small gain, the bank said, citing data from the U.S. Energy Information Administration.

Supply side issues also continue to hang over the market, the bank said. Libyan output has more than halved this week amid a political dispute that shut oil fields, terminals and facilities. Output is at risk of falling further as more fields close.