Oil prices gave back some earlier gains on Wednesday, after a closely watched report showed a smaller-than-expected build in crude stockpiles. Traders had been wary following reports of that U.S. crude stockpiles are falling, fearing prices will remain subdued well in to 2016.
U.S. commercial crude inventories rose by 252,000 barrels to a total of 487 million barrels in the previous week, the Energy Information Administration reported.
Platts, the global energy and commodities information provider, said on Tuesday that U.S. commercial crude oil stocks were expected to show a build-up of 1.1 million barrels for the week ended Friday 13, according to a survey of analysts conducted on Monday.
Prices were supported earlier in the day after industry data released late on Tuesday by industry group American Petroleum Institute (API) surprised markets. The figures showed that U.S. crude stockpiles fell last week by 482,000 barrels, due to lower imports and higher refinery output, Reuters reported.