Investing.com - West Texas Intermediate oil futures trimmed gains on Wednesday, after data showed that oil supplies in the U.S. fell more than expected, while gasoline stockpiles declined less than forecast.
On the New York Mercantile Exchange, crude oil for delivery in October tacked on 0.13%, or 12 cents, to trade at $93.98 a barrel during U.S. morning hours. Prices were at $94.15 a barrel prior to the release of the supply data.
A day earlier, U.S. oil prices inched up 0.55%, or 51 cents, to end at $93.86 a barrel. New York-traded oil prices fell to a seven-month low of $92.50 on August 21.
Futures were likely to find support at $92.50 a barrel, the low from August 21 and resistance at $94.45 a barrel, the high from August 21.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 2.1 million barrels in the week ended August 22, compared to expectations for a decline of 1.3 million barrels.
Total U.S. crude oil inventories stood at 360.5 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1.0 million barrels, compared to forecasts for a decline of 1.1 million barrels, while distillate stockpiles increased by 1.3 million barrels.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery rose 0.18%, or 18 cents, to trade at $102.69 a barrel.
London-traded Brent prices hit a 14-month low of $101.07 on August 19, as global supplies were seen as ample despite ongoing violence in Ukraine and the Middle East.