A drop in U.S. gasoline stockpiles that was more than double market expectations lifted futures prices for the fuel to their highest in over four months on Wednesday.
U.S. benchmark oil prices, however, declined following a hefty weekly rise in domestic crude inventory.
The drop in gasoline supplies helped to offset pressure on crude-oil prices—keeping them off their lows of the session.
West Texas Intermediate crude for April delivery gave up 34 cents, or 0.6%, to settle at $56.22 a barrel on the New York Mercantile Exchange. It was trading at $55.62 before the supply data. May Brent however, tacked on 13 cents, or 0.2%, to $65.99 a barrel on ICE Futures Europe.
April gasoline rose 1.2% to $1.789 a gallon on Nymex—the highest finish for a front-month contract since Oct. 30, according to FactSet data. April heating oil settled little changed at $2.016 a gallon.