New York's main contract, light sweet crude for delivery in July, fell 20 cents to 54.40 dollars per barrel in electronic deals.

Oil futures had rocketed 2.63 dollars, or five percent, to reach the highest closing level in more than a month on the New York Mercantile Exchange Wednesday after Royal Dutch/Shell confirmed it had shut a refinery in the United States after a pipeline burst.

In London, the price of Brent North Sea crude oil for delivery in July lost 27 cents to 53 dollars per barrel after soaring 2.54 dollars on Wednesday.

"Prices are being supported by the concern that although gasoline stocks and crude stocks are at high levels, there will not be enough heating oil in the 4th quarter this year when demand peaks," analysts at the Sucden brokerage firm said.

The US Department of Energy (DoE) was to release its weekly snapshot of stockpile figures Thursday, a day later than usual owing to a long holiday weekend in the United States.

Gasoline supplies were of particular importance after the start to the US summer driving season Monday which saw Americans begin taking to the open roads for their summer vacations.