Petroleum prices surrendered some gains after U.S. government data showed a smaller drop in crude and fuel stockpiles than earlier industry figures suggested.
Brent crude earlier rose to its highest since mid-2015 on Wednesday as a survey showed the Organization of the Petroleum Exporting Countries has significantly improved compliance with its pledged supply cuts and Russia is also widely expected to keep to the deal.
U.S. commercial crude inventories fell by 2.4 million barrels in the week to Oct. 27, compared with analysts' expectations for a decrease of 1.8 million barrels. Meanwhile, gasoline stocks fell by four million barrels, versus forecasts of a 1.5-million-barrel draw, according to the industry group known as the American Petroleum Institute.
The API had said on Tuesday that crude inventories fell 5.1 million barrels to 456.8 million. Gasoline stocks plunged 7.7 million barrels.
U.S. oil production also ticked up by 46,000 barrels a day to 9.55 million barrels a day, while weekly American crude oil exports rose to an all-time high of 2.13 million barrels per day.
