Oil, Gasoline Futures Rebound on Crude Supply Data
Oil prices turned positive Thursday after the latest government data showed a drop in U.S. gasoline stockpiles and a gain in demand.
Brent crude traded over $102 a barrel, while WTI oil futures also rebounded after falling to a nearly one-month lower earlier this morning. RBOB gasoline futures were also positive at $2.82, up 7 cents from session lows.
(Read More: Even in an Oil Boom, Production Growth Is Slow)
The latest government gasoline inventories report was especially a surprise, considering demand was still down from a year ago. Gasoline supplies fell nearly 1.6 million barrels last week, nearly double estimates of analyst surveyed by Platts. In addition, the weekly industry report from the American Petroleum Institute showed a nearly 2 million barrel increase in supply.
While analysts were expecting a decline in weekly crude oil supplies, the U.S. Energy Information Administration reported crude oil inventories rose by 3 million barrels. However, that was less than the 4.4 million barrel rise in weekly oil supplies that the API reported Wednesday evening.
Analysts added the WTI breaking above its 200-day moving average at $92.32 also provided upside momentum.
(Read More: OPEC Meets This Week; Market Snoozes)
—By CNBC's Sharon Epperson. Follow her on Twitter: @sharon_epperson