Oil futures ended higher on Wednesday after weekly U.S. government data revealed smaller-than-expected increases in domestic crude and gasoline supplies, but concerns surrounding a potential slowdown in global energy demand limited the gain for prices.
U.S. benchmark March West Texas Intermediate crude oil rose 35 cents, or 0.7%, to settle at $54.01 a barrel on the New York Mercantile Exchange. Prices, which settled at a one-week low on Tuesday, were trading at $53.20 before the supply data.
International benchmark April Brent added 71 cents, or 1.2%, to $62.69 a barrel on ICE Futures Europe, after tapping a low of $61.05.
The Energy Information Administration reported Wednesday that domestic crude supplies rose by 1.3 million barrels for the week ended Feb. 1. That was smaller than the 3.7 million-barrel rise expected by analysts polled by S&P Global Platts. American Petroleum Institute data on Tuesday showed an increase of 2.5 million barrels.
Source : Market Watch