US Crude Climbs on Surprise Drop in US Gasoline Stocks
Data from the Energy Information Administration (EIA) showed U.S. gasoline stocks fell by 3.8 million barrels last week, compared with forecasts in a Reuters poll for a 300,000-barrel decline.
U.S. distillates stocks fell 4.9 million barrels last week, against forecasts for a 1.3-million-barrel draw, to 118 million barrels, the data showed.
Brent crude lost 9 cents to settle at $105.24, after gaining more than $1 to hit a session high of $106.41.
U.S. oil rose $1.43 to settle at $94.80, paring gains of over $2 that brought it to a session high of $95.40. In the previous session, it posted its lowest settlement price in five months.
Both benchmarks had plumbed four-month lows in recent trading sessions.
As Brent pared its gains towards the close of the session, its premium over U.S. crude narrowed to a session low of $9.97, nearly $2 below the previous day's close of $11.96. The spread between the two benchmarks <CL-LCO1=R> settled at $10.44.
Crude oil inventories grew by 1.58 million barrels, slightly less than the forecast for 1.6 million, EIA data showed. The smaller-than-expected build tempered concerns about growing stockpiles, despite its being the seventh straight week of builds.
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