Investing.com - West Texas Intermediate oil rose to the highest levels of the session on Wednesday after data showed that oil supplies in the U.S. fell more than expected last week.
On the New York Mercantile Exchange, crude oil for delivery in August rallied 0.52%, or 53 cents, to trade at $102.92 a barrel during U.S. morning hours. Prices were at $102.61 a barrel prior to the release of the supply data.
U.S. oil futures ended Tuesday’s session down 0.46%, or 47 cents, to settle at $102.39 a barrel. Prices were likely to find support at $101.48 a barrel, the low from July 21 and resistance at $103.45 a barrel, the high from July 22.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories declined by 4.0 million barrels in the week ended July 18, compared to expectations for a decline of 2.8 million barrels.
Total U.S. crude oil inventories stood at 371.1 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 3.4 million barrels, above forecasts for a gain of 1.3 million barrels, while distillate stockpiles rose by 1.6 million barrels, below expectations for an increase of 2.1 million barrels.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery tacked on 0.32%, or 34 cents, to trade at $107.68 a barrel, as traders awaited new developments from Ukraine and the Middle East.
The European Union threatened Russia on Tuesday with harsher sanctions over Ukraine, while fighting in the Gaza Strip between Israeli security forces and Hamas militants continued.