Oil stabilizes after OPEC + maintains production cuts. US stocks drop

At 10:04 GMT, WTI March crude futures are trading at $ 56.09, up $ 0.40, or + 0.72%, and April Brent crude oil at $ 58.79, up $ 0.33, or + 0.56%.

Lower US crude oil inventories, higher gasoline inventories: EIA

The Energy Information Administration said on Wednesday that crude oil inventories in the United States fell while gasoline inventories rose unexpectedly.

Crude oil inventories fell by 994,000 barrels in the week ending January 29 to 475.7 million barrels, the lowest level since March. Analysts in a Reuters poll expected an increase of 446,000 barrels.

US gasoline inventories rose 4.5 million barrels in the week to 252.2 million, compared to analysts’ expectations for a 1.1 million barrel increase.

Distillate stocks, which include diesel and heating oil, decreased by 9 thousand barrels per week to 162.8 million barrels.

In other news, crude oil inventories in Cushing, Oklahoma, the center for US futures delivery, fell 1.5 million barrels last week. The Energy Information Administration said operating crude oil refineries fell by 80,000 barrels per day last week, with usage rates increasing 0.6 percentage points to 82.3 percent of energy.

Net imports of crude oil from the United States increased by 1.3 million barrels per day.