Crude prices in the United States pared morning gains on Wednesday after the release of key oil inventory data.
Data released Wednesday by the Energy Information Administration showed U.S. crude stocks fell for the seventh consecutive week last week, while gasoline and distillate inventories rose.
U.S. crude inventories fell by 8.95 million barrels in the last week, nearly three times analysts' expectations for a decrease of 3.1 million barrels.
West Texas Intermediate futures for September delivery traded down 65 cents, or 1.4%, to $46.90 U.S. per barrel. Brent futures for October delivery fell 40 cents, or 0.8% to $50.40 U.S. per barrel.
EIA also said refinery crude runs fell by 9,000 barrels per day. Refinery utilization rates slipped by 0.2 percentage points.
Gasoline stocks were unchanged, compared with analysts' expectations for a 1.1-million-barrel drop.
The agency also said distillate stockpiles, which include diesel and heating oil, rose by 702,000 barrels, as opposed to expectations for a drop of 572,000 barrels.
U.S. crude imports rose last week by 194,000 barrels per day.
More broadly, analysts said ample supplies were preventing prices from moving much higher.
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