Oil prices moved upward from previous losses on Wednesday after government data showed a smaller rise in U.S. crude stockpiles than preliminary data had suggested.
Data released by the Energy Information Administration (EIA) showed U.S. commercial crude inventories rose by 1.6 million barrels in the week to March 23, contrary to the decrease of 287,000 barrels predicted by analysts.
Futures had come under pressure earlier in the session after the American Petroleum Institute issued a report on Tuesday that suggested stocks had risen by 5.3 million barrels, also against expectations for a decline.
Brent crude futures for June delivery were last down 33 cents on the day at $69.13 U.S. a barrel, while the May contract, which expires on Thursday, was down 11 cents at $70.
U.S. West Texas Intermediate futures fell 47 cents to $64.78 U.S. a barrel.
Prices have risen in seven out of the last nine months, and Brent crude has increased by more than 4% this year, making this the third consecutive quarter of gains, the longest stretch since late 2010.
EIA also showed that gasoline stocks fell by 3.5 million barrels, compared with analysts' expectations for a two-million-barrel drop. Distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels, versus expectations for a 1.6-million-barrel drop.
