Oil Bounces on US Inventory Outlook

U.S. figures from the American Petroleum Institute (API) showed inventories shrinking by 1.4 million barrels over the past week versus expectations of a 2.4 million build drove Wednesday's price action. WTI Intermediate crude futures gained 1 percent to settle at $107.27 per barrel on the NYMEX.

Brent crude for May's contract was also up slightly compared to Tuesday's settlement. Front-month Brent settled at $124.20 per barrel, or 8 cents higher, at Wednesday's close.

Reformulated gasoline, which was up 16 percent since the end of January, surprisingly took a breather on Wednesday. Gasoline prices settled a penny lower at $3.357 per gallon for the day.

Natural gas, on the other hand, had a stronger showing for the day--up two cents to $2.36 per MMBtu at the settlement of the April contract.

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Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours