Petroleum prices registered slightly higher Wednesday following U.S. government data showed a bigger-than-expected drop in gasoline inventories.
As the clock approached noon EDT, Brent crude futures were up 60 cents, or 1.3%, at $47.25 U.S. per barrel, close to their last close. U.S. West Texas Intermediate crude futures were up 52 cents, or 1.2%, at $44.76 U.S. per barrel.
Information released Wednesday by the U.S. Energy Information Administeration revealed that crude inventories rose by 118,000 barrels in the week to June 23 as refineries cut output, compared with analyst expectations for an decrease of 2.6 million barrels.
Tuesday's report by the American Petroleum Institute suggested inventories rose by 851,000 barrels, which prepared traders for a possible increase.
Meanwhile, the EIA gasoline stocks fell by 894,000 barrels, compared with analysts' expectations in a poll for a 583,000-barrel drop.
Despite the drop in gasoline stockpiles, implied demand for gasoline dropped by 278,000 barrels a day last week, continuing a streak of weak consumption.
Global supplies are still ample despite an effort led by the Organization of the Petroleum Exporting Countries to cut output by 1.8 million barrels per day from last January.
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