Petroleum prices scaled higher after the U.S. Energy Information Administration (EIA) reported a surprise build in crude stockpiles and a large fall in other fuel inventories.
U.S. commercial crude inventories rose by 1.3 million barrels in the previous week to a total of 541.3 million barrels, EIA reported.
Earlier data from industry group the American Petroleum Institute showed crude inventories in the week to May 13 fell by 1.1 million barrels to 541.9 million. Analysts had expected a fall of 2.8 million barrels.
The downward crude stockpile data was offset by a fall in gasoline stockpiles of 2.5 million barrels, compared with analysts' expectations in an economist poll for a 150,000-barrel drop. The EIA tidings showed distillate stockpiles, which include diesel and heating oil, fell by 3.2 million barrels, versus expectations for a 642,000-barrel drop
International Brent crude futures were trading 31 cents above their last settlement at $49.59 U.S. a barrel.
U.S. West Texas Intermediate crude futures were 30 cents higher at $48.61 U.S. a barrel.
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