Oil prices increased on Wednesday as traders were digesting the mixed U.S. stockpiles data.
The U.S. Energy Information Administration (EIA) said in a weekly report on Wednesday that the country's crude stocks rose by 5 million barrels last week, the biggest jump since late January, beating market expectations.
However, the gains in crude stockpiles were somewhat offset by a surprise draw on fuel stocks.
Gasoline stocks fell by 6.3 million barrels last week, compared with analysts' expectations for a 1.2 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, lost 4.4 million barrels, versus expectations for a 1.5 million-barrel draw, according to the EIA report.
The West Texas Intermediate (WTI) for April delivery was up 0.25 U.S. dollar to settle at 60.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 0.25 dollar to close at 64.89 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) said in a weekly report on Wednesday that the country's crude stocks rose by 5 million barrels last week, the biggest jump since late January, beating market expectations.
However, the gains in crude stockpiles were somewhat offset by a surprise draw on fuel stocks.
Gasoline stocks fell by 6.3 million barrels last week, compared with analysts' expectations for a 1.2 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, lost 4.4 million barrels, versus expectations for a 1.5 million-barrel draw, according to the EIA report.
The West Texas Intermediate (WTI) for April delivery was up 0.25 U.S. dollar to settle at 60.96 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added 0.25 dollar to close at 64.89 dollars a barrel on the London ICE Futures Exchange.
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