© Reuters. Investing.com - U.S. crude oil inventories fell more than expected last week, putting an end to two-consecutive weeks of surprise builds, according to official data released on Wednesday.
The Energy Information Administration said in its regular weekly report that crude oil inventories decreased by 2.73 million barrels in the week to August 16.
That was compared to forecasts for a stockpile draw of 1.89 million barrels after a gain of 1.58 million barrels in the previous week.
The EIA report also showed that gasoline inventories increased by 0.31 million barrels, compared to expectations for a build of just 0.17 million barrels, while distillate stockpiles rose by 2.61 million barrels, topping forecasts for a gain of 0.31 million.
U.S. crude prices gained 0.93% to $56.65 a barrel by 10:34 AM ET (14:34 GMT), slightly lower than it was prior to the publication.
London-traded Brent crude futures rose 1.4% to $60.87 a barrel, compared to $61.03 ahead of the release.
Oil had already been trading higher as Tuesday’s release by the American Petroleum Institute’s own weekly report showed a 3.5 million barrel drop in U.S. crude stockpiles.
Tensions in the Middle East remained in focus after Iranian Foreign Minister Mohammad Javad Zarif said Wednesday that Tehran may act “unpredictably” in response to the United States’ “unpredictable” policies under U.S. President Donald Trump.
Tensions between Tehran and Washington have risen since Trump’s administration last year quit an international deal to curb Iran’s nuclear ambitions and began to ratchet up sanctions. Iranian officials denounced the new penalties as “economic warfare”
Oil prices have been supported in recent months after a series of attacks on international merchant vessels in the Strait of Hormuz, a major shipping point for world crude.
The U.S. has blamed Iran for the attacks, although Tehran has denied the allegations.
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