Oil futures slightly pared losses as government data showed a much smaller build in U.S. crude inventories than an earlier industry report suggested.
U.S. crude stocks rose last week while gasoline inventories fell for the first time since November, data from the Energy Information Administration showed on Wednesday.
Crude inventories rose by 3.5 million barrels in the last week to a total of 507.6 million, compared with analysts’ expectations for an increase of 3.4 million barrels. Gasoline stocks fell by 2.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 1 million barrels drop.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 333,000 barrels, EIA said.
The American Petroleum Institute (API), an industry group, said on Tuesday crude inventories rose by 7.1 million barrels last week.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.