Oil prices turned positive midday Wednesday, after U.S. government data revealed a surprise drop in gasoline in storage that offset a huge rise in U.S. crude stockpiles.
International Brent crude futures were trading at $55.54 U.S. per barrel as the clock approached noon ET, up 49 cents, or 0.9% from their previous close. U.S. West Texas Intermediate (WTI) crude was at $52.55 U.S. a barrel, up 38 cents, or 0.7%
Commercial crude inventories across the border rose by 13.8 million barrels in the week through Feb. 3 to 508.6 million, compared with analysts' expectations for a 2.5-million-barrel increase.
Data from the U.S. Energy Information Administration proved just shy of figures reported by the American Petroleum Institute (API) on Tuesday, showing crude inventories jumping by 14.2 million barrels to 503.6 million barrels.
EIA also said crude stocks at the Oklahoma, delivery hub rose by 1.1 million barrels. The build in crude stockpiles came as refineries cut output and crude imports jumped.
Meantime, gasoline stocks fell by 869,000 barrels, compared with expectations in an analyst poll for a 1.1-million-barrel gain. API had said gasoline stocks rose by 2.9 million barrels, raising concerns about fuel demand.
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