Crude-oil futures held onto gains Wednesday after a weekly U.S. government report showed an increase in oil inventories, with prices ticking up immediately after the report but then trading lower than before the data.
Analysts polled by Platts had expected an increase of 1.3 million barrels. Crude for May delivery added 24 cents, or 0.2%, to $108.53 U.S. a barrel on the New York Mercantile Exchange.
It traded at $108.64 U.S. before the data.
The U.S. Energy Information Administration reported crude inventories rose two million barrels in the week ended April 1. Gasoline supplies decreased 400,000 barrels, and distillates supplies increased 200,000 barrels.
