Oil prices were up slightly on Wednesday after a larger-than-expected decline in U.S. crude stocks, but thin trading ahead of the U.S. Independence Day holiday and concerns about rising global inventories limited any rise in crude prices.
Brent crude futures edged up 5 cents to $86.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 1 cent to $82.81.
The U.S. Energy Information Administration (EIA) reported a 12.2 million draw in the country’s crude oil barrels in storage last week, which was larger than analysts’ expectations in a Reuters poll for a 680,000-barrel draw.
“Strong exports, a slight drop in imports, and a rebound in refinery runs colluded to draw crude inventories by a whopping 12 million barrels,” said Kpler oil analyst Matt Smith.