Oil prices enjoyed a much-delayed increase on Wednesday after the U.S. Energy Information Administration noted the first fall in crude stockpiles in nearly three months.
The EIA reported that crude inventories fell by 3.6 million barrels in the last week, compared with analysts' expectations for an increase of 252,000 barrels. In particular, the agency said, crude stocks at the Cushing, Oklahoma, delivery hub rose by 423,000 barrels.
Crude futures were livened Wednesday after industry group the American Petroleum Institute reported on Tuesday a 1.9-million-barrel fall in U.S. crude inventories last week.
Gasoline stocks rose by 786,000 barrels, compared with analysts' expectations in a poll of economists for a 2.2-million-barrel gain. EIA data showed distillate stockpiles, which include diesel and heating oil, increased by five million barrels, versus expectations for a 2.5-million-barrel increase.
Brent crude oil futures were up $1.19, or nearly 3%, at $41.45 U.S. a barrel soon after 11 a.m. EST. U.S. West Texas Intermediate crude futures were at $38.87 U.S. per barrel, up $1.36, or 3.6%.
