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Crude oil stockpiles in the U.S., the world's biggest oil producer and consumer, rose by 9.4 million barrels in the week ending February 7, according to sources citing American Petroleum Institute data on Tuesday.
Gasoline inventories fell by 2.51 million barrels, and distillate stocks dropped by 590,000 barrels, the sources said the API data showed.
Data from the Energy Information Administration will be released later on Wednesday.
Oil futures finished higher for a third straight session on Tuesday, with U.S. and global prices marking their highest settlement in two weeks, as traders weighed the supply and demand impacts of President Donald’s Trump’s tariff strategy and sanctions on Iran and Russia.
West Texas Intermediate crude for March delivery rose $1, or 1.4%, to settle at $73.32 a barrel on the New York Mercantile Exchange.
April Brent crude the global benchmark, climbed $1.13, or 1.5%, to $77 a barrel on ICE Futures Europe. Front-month prices settled at their highest since Jan. 28
March gasoline tacked on 2.1% to $2.15 a gallon, while March heating oil added 2.6% to $2.51 a gallon.
Natural gas for March delivery settled at $3.52 per million British thermal units, up 2.2%.
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