India, May 29 -- Crude oil futures moved sharply lower during trading on Thursday, largely offsetting the strong upward move seen in the previous session.
After surging $0.95 or 1.6 percent to $61.84 a barrel during Wednesday's session, crude for July delivery tumbled $0.90 or 1.5 percent to $60.94 a barrel.
The pullback by the price of crude oil came amid lingering supply concerns amid the possibility OPEC+ may agree to accelerate oil production hikes in July.
Meanwhile, traders largely shrugged off a report from the Energy Information Administration showing crude oil inventories in the U.S. unexpectedly decreased in the week ended May 23rd.
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The EIA s...