Crude oil futures pared gains on Wednesday, retreating from a daily high after official data showed that U.S. crude oil inventories rose more-than-expected last week.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at $91.06 U.S. a barrel during U.S. morning trade, climbing 0.39%.
It earlier rose to a daily high of $91.78 U.S. a barrel.
Earlier in the day, the U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose more than expected in the week ended January 28, increasing by 2.6 million barrels, after jumping by 4.8 million barrels in the preceding week.
Analysts had expected U.S. crude oil inventories to rise by 2.5 million barrels.
According to the data, total U.S. crude oil inventories for the week ending January 28 stood at 343.2 million barrels, remaining above the upper limit of the average range for this time of year.
The report also showed that total motor gasoline inventories increased by 6.2 million barrels, while stocks of distillate fuels including heating oil and diesel decreased by 1.6 million barrels in the week ended January 28.
The U.S. is the world’s largest consumer of crude oil.
Meanwhile, the gap between oil futures contracts continued to widen. On the ICE Futures Exchange, Brent oil futures for March delivery rose 0.13% to trade at $101.80 U.S. a barrel, up $10.74 U.S. on its U.S. counterpart.
Brent prices traded above $102 U.S. earlier Wednesday for the first time since October 2008 after Egyptian President Hosni Mubarak said he would not step down until September, angering the hundreds of thousands gathered in Cairo to demand an immediate end to his regime.
Elsewhere, natural gas for February delivery surged 0.95% to trade at $4.393 U.S. per million British thermal units, while heating oil for February delivery added 0.05% to trade at $2.76 U.S. per gallon during U.S. morning trade.
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