Oil prices settled down more than 1 percent on Wednesday after a smaller-than-expected U.S. inventory drawdown and amid jitters ahead of a vote on whether Britain should stay in the European Union.
Crude futures rose early in the day, before the U.S. Energy Information Administration (EIA) reported a stockpile decline of 917,000 barrels for the week ended June 17.
While it was the fifth consecutive weekly draw for crude, the number posted by the EIA was smaller than a 1.7 million-barrel drawdown forecast by analysts in a Reuters poll. It was also about a third of the 5.2 million-barrel drop reported on Tuesday by trade group the American Petroleum Institute (API).
In Tuesday's session, crude prices settled lower but rose in after-hours trade, helped by the huge draw reported by the API.