On a kind of topsy-turvy morning, oil futures pared some gains, then topped $110 U.S. a barrel Wednesday after the U.S. Energy Information Administration reported an unexpected climb of three million barrels in crude stockpiles for the week ended Aug. 23.
Analysts polled by Platts were looking for a decline of 250,000 barrels. Gasoline supplies fell by 600,000 barrels, while distillate stockpiles declined by 300,000 barrels, the EIA said.
Gasoline stockpiles were expected to decline by 1.5 million barrels, while forecasts called for an increase of one million barrels for distillates.
Following the latest data, October crude briefly cut gains to trade at $109.73 U.S., then climbed to $110.13 U.S. a barrel on the New York Mercantile Exchange, up $1.12, or 1%. It was trading at $109.90 U.S. shortly before the report.
