Crude inched higher Wednesday, with U.S. oil settling marginally higher, after the Energy Information Administration reported further draws in American crude stockpiles and larger-than-expected increases in gasoline inventories.
The EIA's weekly petroleum data showed a 6.9 million barrel drop in American crude stockpiles, extending declines over the last three weeks to more than 27 million barrels—the biggest three-week decline on record.
The drop came as imports of crude remained under pressure, sending oil prices up in the minutes after the report, even as the data put pressure on gasoline futures. Gasoline stockpiles declined after the EIA reported a large 3 million barrel build in U.S. inventories. Futures prices came off a four-month high hit on Tuesday.