Oil prices steadied on Wednesday after a 3 percent rise during the previous session, after data showed growing U.S. refined product inventories and record crude production, which could undermine global efforts to support prices.
U.S. fuel stockpiles last week rose more than forecast and for the fourth straight week, the Energy Information Administration said, outweighing a bigger-than-expected crude drawdown.
Gasoline stockpiles rose 7.5 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel gain. At 255.6 million barrels, gasoline stocks at the highest weekly level since February of 2017.
Distillate stockpiles, which include diesel and heating oil, increased 3 million barrels, versus expectations for a 1.6 million-barrel rise, the data showed.