Crude oil ended virtually flat on Wednesday, after a report showed declining U.S. gasoline demand in the world's top oil consumer and a build at the key Cushing, Oklahoma storage hub.
In its weekly report, the U.S. Energy Information Administration said U.S. crude oil stocks fell by a greater-than-expected 2.07 million barrels last week, but inventories at Cushing, the delivery point for U.S. crude futures, rose 508,000 barrels. The four-week average for gasoline demand fell by 1.4 percent year-over-year.
Additionally, U.S. crude failed to break through Tuesday's lows or highs, testing resistance at both ends in what traders call an "inside day." U.S. crude gained 2 cents to settle at $93.88 a barrel, after settling 51 cents higher on Tuesday on stronger U.S. economic data.
Brent crude for October delivery rose by 20 cents to near $102 a barrel after earlier rising to $103.07. Its premium to West Texas Intermediate widened 15 cents to $8.79 a barrel, having hit to its largest in two months on Monday at $9.41.