Oil prices ended mixed on Wednesday after a report pointed to a draw in U.S. fuel stocks.
The West Texas Intermediate for May delivery dropped 10 cents, or 0.12 percent, to settle at 80.61 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 5 cents, or 0.06 percent, to close at 84.99 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) on Wednesday reported that the country’s commercial crude oil inventories fell by 3.7 million barrels during the week ending March 31.
According to the EIA, total motor gasoline inventories decreased by 4.1 million barrels last week, while distillate fuel stocks decreased by 3.6 million barrels.
“The EIA report did not have a material impact on the price of oil as traders were not ready for big moves after the recent rally,” Vladimir Zernov, analyst with market information supplier FX Empire, said on Wednesday.
Earlier this week, oil prices posted strong gains, triggered by major oil producers’ surprise decision to cut output.
