Oil futures remain higher after rise in U.S. crude inventories

Oil futures remained higher Wednesday after government data showed a rise in U.S. crude inventories but an unexpected fall in gasoline stocks. West Texas Intermediate crude for July delivery was up 50 cents, or 0.4%, at $119.91 a barrel on the New York Mercantile Exchange. The Energy Information Administration said U.S. crude inventories fell 2 million barrels in the week ended June 3, while gasoline stocks fell 800,000 barrels and distillate inventories rose 2.6 million barrels. Analysts surveyed by S&P Global Commodity Insights had looked for crude inventories to fall by 2.9 million barrels, while gasoline stocks were seen up 2 million barrels and distillate stocks up by 800,000 barrels. The American Petroleum Institute, an industry trade group, late Tuesday had reported a 1.85 million barrel rise in crude stocks, a 1.82 million barrel increase in gasoline stocks, and a 3.38 million barrel jump in distillates, according to a source.

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