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NEW YORK, June 1 (Xinhua) -- Oil prices settled mixed Thursdayas oversupply fears eased following a decline in U.S.inventories.

The U.S. crude oil inventories dropped by a sharp 6.4 millionbarrels in the May 26 week to 509.9 million, up 1.1 percent fromlast year at this time, according to data released by the U.S.Energy Information Agency on Thursday.

Analysts said the decline far exceeded the market expectationand eased concerns for lingering global glut.

The West Texas Intermediate for July delivery added 0.04 U.S.dollar to settle at 48.36 dollars a barrel on the New YorkMercantile Exchange Sergio Romero Shirt , while Brent crude for August delivery erased0.13 dollar to close at 50.63 dollars a barrel on the London ICEFutures Exchange. Enditem

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