Oil prices pared gains on Wednesday after U.S. government data showed a smaller-than-expected fall in the country's crude stockpiles.
Information released mid-Wednesday morning by the Energy Information Administration (EIA) showed crude inventories fell by 930,000 barrels in the week to April 28, compared with analyst expectations for an decrease of 2.3 million barrels
Data from the American Petroleum Institute (API) released on Tuesday had indicated that inventories would have fallen last week by 4.2 million barrels.
On the other hand, the EIA added, gasoline stocks rose by 191,000 barrels, compared with analysts' expectations for a 1.3-million-barrel gain. Distillate stockpiles, which include diesel and heating oil, fell by 562,000 barrels, versus expectations for a 723,000 barrel-increase.
As a results, benchmark Brent crude moved up 19 cents at $50.65 a barrel as the clock approached noon ET Wednesday. On Tuesday the futures had settled at their lowest since Nov. 30, when the Organization of the Petroleum Exporting Countries decided to cut oil supply.
U.S. West Texas Intermediate crude traded at $47.75 a barrel, up nine cents. The contract briefly slid to a five-week low following the report.
