Investing.com – Crude oil futures fluctuated between small gains and losses on Wednesday, retreating from a four-week high after a government report showed that U.S. crude supplies rose more-than-expected last week, while gasoline inventories fell significantly.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD88.80 a barrel during U.S. morning trade, easing down 0.05%.
It earlier rose as much as 0.7% to trade at USD89.44 a barrel, the highest price since August 4.
The contract traded at USD88.91 prior to the release of the Energy Information Administration data.
The U.S. EIA said in its weekly report that U.S. crude oil inventories rose by 5.3 million barrels in the week ended August 26, significantly higher than expectations for a 0.9 million barrel increase.
U.S. crude supplies fell by 2.2 million barrels in the preceding week.
Total U.S. crude oil inventories stood at 357.1 million barrels as of last week, remaining above the upper limit of the average range for this time of year.
The report showed that total motor gasoline inventories decreased by 2.8 million barrels, above expectations for a 0.9 million barrel decline.
Energy traders have been closely eyeing gasoline stockpiles in recent weeks to gauge the strength of U.S. demand, as the U.S. driving season is currently in the period of peak gasoline demand.
East Coast gasoline stockpiles saw the largest drop as motorists filled up their gas tanks ahead of Hurricane Irene.
Crude prices found support earlier after official data showed that U.S. factory orders rose significantly more-than-expected in July, jumping by 2.4%, above expectations for a 1.0% increase.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.5% to trade at USD114.60 a barrel, up USD25.80 on its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD88.80 a barrel during U.S. morning trade, easing down 0.05%.
It earlier rose as much as 0.7% to trade at USD89.44 a barrel, the highest price since August 4.
The contract traded at USD88.91 prior to the release of the Energy Information Administration data.
The U.S. EIA said in its weekly report that U.S. crude oil inventories rose by 5.3 million barrels in the week ended August 26, significantly higher than expectations for a 0.9 million barrel increase.
U.S. crude supplies fell by 2.2 million barrels in the preceding week.
Total U.S. crude oil inventories stood at 357.1 million barrels as of last week, remaining above the upper limit of the average range for this time of year.
The report showed that total motor gasoline inventories decreased by 2.8 million barrels, above expectations for a 0.9 million barrel decline.
Energy traders have been closely eyeing gasoline stockpiles in recent weeks to gauge the strength of U.S. demand, as the U.S. driving season is currently in the period of peak gasoline demand.
East Coast gasoline stockpiles saw the largest drop as motorists filled up their gas tanks ahead of Hurricane Irene.
Crude prices found support earlier after official data showed that U.S. factory orders rose significantly more-than-expected in July, jumping by 2.4%, above expectations for a 1.0% increase.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery added 0.5% to trade at USD114.60 a barrel, up USD25.80 on its U.S. counterpart.