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Brent crude futures for September, the more actively traded
contract, were up 28 cents, or 0.3%, at $112.73 a barrel by 0911
GMT. The August contract, which expires on Thursday, was down 11
cents, or 0.1%, at $116.15.
U.S. West Texas Intermediate (WTI) crude futures rose 20 cents,
or 0.2%, to $109.98.
Crude inventories fell by 2.8 million barrels in the week to
June 24, U.S. Energy Information Administration data showed, far
exceeding the 569,000 barrel drop forecast in a Reuters poll of
analysts.
However, fuel stocks rose as refiners ramped up activity,
operating at nearly full capacity, the highest at this time of
year in four years.
"The net drop in crude oil inventories was flattered by SPR
(Strategic Petroleum Reserve) releases, while the gasoline stock
jump is because U.S. refineries are running at over 95%
capacity," said Jeffrey Halley, OANDA's senior market analyst
for Asia Pacific.
But further disruptions to supply limited price declines, said
ANZ analysts, amid a suspension of Libyan shipments from two
eastern ports while Ecuador output fell because of ongoing
protests.
Exports of Ecuador's Oriente crude remain suspended under a
force majeure declaration as the spread of anti-government
protests hurt oil output, state-run Petroecuador said on
Wednesday.
Meanwhile, the OPEC+ group of producers including Russia, began
two days of meetings on Wednesday, though sources said there was
little prospect of agreement to pump more oil.
(Reporting by Noah BrowningAdditional reporting by Jeslyn Lerh
in Singapore and Arathy Somasekhar in HoustonEditing by David
Goodman)
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