Crude Oil Little-Changed After Oil Inventory Draw, Cushing Build
NEW YORK, Aug 27 (Reuters) - Crude oil futures settled flat after choppy trading on Wednesday, following a report that showed declining U.S. gasoline demand in the world's top oil consumer and a build at the key Cushing, Oklahoma, storage hub.
In its weekly report, the U.S. Energy Information Administration said U.S. crude oil stocks fell by a greater-than-expected 2.07 million barrels last week, but inventories at Cushing, the delivery point for U.S. crude futures, rose 508,000 barrels. The four-week average for gasoline demand fell by 1.4 percent year-over-year.
U.S. crude failed to break through Tuesday's lows or highs, testing resistance at both ends in what traders call an "inside day."
"The market is rangebound here and there's no catalyst to drive it out either way, so we're finishing the session more or less unchanged," said Bill Baruch, senior market strategist at iitrader.com in Chicago.
U.S. crude rose 2 cents to settle at $93.88 a barrel after settling 51 cents higher on Tuesday on stronger U.S. economic data.
Brent crude for October delivery rose by 22 cents to settle at $102.72 a barrel, after swinging by $1 between $102.05 and $103.07.
Oil benchmarks on both sides of the Atlantic have fallen by more than 10 percent since mid-June and remain on track to post a second monthly fall against a backdrop of lower U.S. imports and slowing growth in China and Europe.
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