Patroleum prices cut their losses on Wednesday, disregarding a report from the U.S. Energy Information Administration that showed crude inventories down south rose last week and gasoline stocks increased sharply.
Benchmark Brent crude fell 15 cents a barrel to $55.29 U.S. late morning Wednesday, and U.S. light crude was down eight cents at $53.10.
U.S. crude stockpiles rose by 2.8 million barrels in the week through Jan. 20, matching analysts expectations and roughly in line with an earlier report from the American Petroleum Institute.
U.S. gasoline futures fell to a session low but pared losses after EIA reported gasoline stocks rose by 6.8 million barrels, compared with analysts' expectations in an economists' poll for a 498,000-barrel gain.
EIA data also showed distillate stockpiles, which include diesel and heating oil, hiked by 76,000 barrels, versus expectations for a one-million-barrel drop.
