Oil futures turned lower Wednesday after Energy Information Administration data showed a larger-than-expected build in US crude stocks, as well as a surprise increase in gasoline inventories.
At 1538 GMT, NYMEX April crude was 52 cents lower at $62.49/b and ICE April Brent was down 61 cents at $66.02/b.
Before the release of the EIA data, NYMEX crude was 9 cents higher at $63.10/b, while ICE Brent was 4 cents lower at $66.59/b.
US crude inventories rose 3.019 million barrels to 423.498 million barrels the week ended February 23, EIA data showed. The five-year average for the same period shows an increase of 4.6 million barrels.
Crude imports increased 261,000 b/d to 7.282 million b/d, while exports fell 599,000 b/d to 1.445 million b/d.
Refinery utilization declined 0.3 percentage point last week to 87.8% of capacity, its lowest level since October as the winter maintenance season looks to be in full swing.
US distillate stocks dropped 960,000 barrels to 137.985 million barrels. The five-year average for the same reporting period is an increase of 226,000 barrels.
NYMEX March ULSD was 2.42 cents lower at $1.9388/gal. Ahead of the EIA data, NYMEX March ULSD was 50 points lower at $1.9850/gal.
US gasoline stocks built 2.483 million barrels to 251.817 million barrels, compared with an average draw of 1.3 million barrels from 2013-17.
At 1538 GMT, NYMEX March RBOB was 3.64 cents lower at $1.7670/gal. Before the release of the EIA data, NYMEX March RBOB was 1.33 cents lower at $1.7901/gal.
Analysts surveyed Monday by S&P Global Platts were looking for a build in crude stocks of 2.1 million barrels. Refinery utilization was expected to have declined by 0.2 percentage points.
Distillate and gasoline stocks were both expected to have drawn by 200,000 barrels.
