Oil prices settled on Wednesday morning after U.S. government data showed the nation's crude oil stockpiles increased last week, but its fuel inventories fell.
Figures released Wednesday by the U.S. Energy Information Administration showed crude inventories rose by 2.8 million barrels in the last week, compared with analysts' expectations for a decrease of 1.2 million barrels.
Meanwhile, gasoline stocks fell by 2.9 million barrels, a slightly greater draw than analysts expected in a Reuters poll that called for a 2.8 million-barrel drop. EIA data also showed distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 896,000-barrel drop.
International benchmark Brent crude was up two cents at $67.99 U.S. late morning Wednesday, giving up earlier gains and slipping away from its year-to-date high of $68.69 reached last week.
U.S. West Texas Intermediate crude futures were down 25 cents at $59.69 U.S.. The U.S. benchmark rose 1.9% in the previous session.
Crude futures gyrated earlier in the session as disruptions to Venezuela's crude exports provided support but were offset by an earlier report of rising U.S. fuel stockpiles last week. Gains were also kept in check amid growing fears over the impact of a global economic slowdown on demand.
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