U.S. crude futures rose by nearly $2 a barrel on Wednesday, rebounding from its lowest in more than four-months on unexpectedly large falls in U.S. fuel supplies to narrow its spread with European Brent crude by more than $1.
Brent edged higher, supported by concerns about prolonged supply outages in Libya as the peak northern hemisphere winter heating season looms. The international benchmark also rebounded after touching a four-month low in recent sessions.
Data from the Energy Information Administration (EIA) showed U.S. gasoline stocks fell by 3.8 million barrels last week, compared with forecasts in a Reuters poll for a 300,000-barrel decline. U.S. distillates stocks fell 4.9 million barrels last week, against forecasts for a 1.3-million-barrel draw, to 118 million barrels, the data showed.
For more information on commodities, please click here.