U.S. crude futures rose for a third consecutive day on Wednesday, closing at new 2016 highs on supply outages led by the sabotage of oil facilities in Nigeria.
U.S. crude stocks fell for the third consecutive week to June 3, sliding by 3.2 million barrels versus analysts' expectations for a 2.7 million-barrel drawdown, government data showed.
But gasoline stockpiles grew by 1 million barrels and distillates, which include diesel and heating oil, rose 1.8 million barrels, versus forecasts of drawdowns.
This indicates a sentiment that gasoline demand will weaken more than expected or that the crude glut will be reflected by a gasoline glut, said Troy Vincent, crude oil analyst for New York-headquartered energy data provider ClipperData.
U.S. crude production ticked up by 10,000 barrels per day to 8,745,000 bpd from the previous week, reversing a 15-week trend of declining output.