US crude oil stocks fell more than expected last week EIA
OPEC oil output rises for second month in June
China business activity decelerates

NEW YORK, July 3 Reuters Oil prices were up slightly on Wednesday after a largerthanexpected decline in U.S. crude stocks, but thin trading ahead of the U.S. Independence Day holiday and concerns about rising global inventories limited any rise in crude prices.

Brent crude futures edged up 5 cents to 86.29 a barrel by 1142 a.m. EDT 1542 GMT. U.S. West Texas Intermediate WTI crude futures gained 1 cent to 82.81.

The U.S. Energy Information Administration EIA reported a 12.2 million draw in the country39;s crude oil barrels in storage last week, which was larger than analysts39; expectations in a Reuters poll for a 680,000barrel draw.

Strong exports, a slight drop in imports, and a rebound in refinery runs colluded to draw crude inventories by a whopping 12 million barrels, said Kpler oil analyst Matt Smith.

But the market39;s reaction was muted partly due to lower trading volumes ahead of Independence Day, analysts noted.

Both benchmarks hit their highest since April in the previous session after the U.S. National Hurricane Center said Hurricane Beryl was expected to weaken into a tropical storm by the time it entered the Gulf of Mexico this week. Hurricanes can disrupt oil production and tighten supply.

OPEC output rose for a second consecutive month in June, a Reuters survey found on Tuesday, which also weighed on oil…