Oil prices stateside fell more than 1% on Wednesday after the second-biggest weekly draw in U.S. gasoline this summer was counteracted by an unusual growth in crude stockpiles.
Information released Wednesday by the Energy Information Administration showed U.S. crude inventories rose unexpectedly for a third straight week, gaining 1.1 million barrels in the week ended Aug. 5, compared with analysts' expectations for a one-million-barrel draw,.
The agency also noted that U.S. gasoline stocks fell 2.8 million barrels in the second-biggest weekly draw since mid-April, compared with expectations for a 1.1-million-barrel drop.
Oil prices moved sharply in minutes after the EIA data, reflecting uncertainty in direction after the mixed data, finally turning lower, with the crude build leading bearish sentiment.
International benchmark Brent crude futures were down 71 cents, or 1.6% at $44.27 U.S. per barrel late morning Wednesday. U.S. West Texas Intermediate crude oil futures fell 74 cents, or 1.7%, to $42.03 U.S.
