Oil Gains With U.S. Crude Supply Drop Countering Fuel Buildup
- Domestic gasoline supplies jumped to the highest since August
- Still, physical crude rallies amid strong Asian consumption
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Oil closed higher on a surprise decline in U.S. crude inventories, but gains were limited with increased gasoline and diesel supplies underscoring weaker fuel demand.
Futures in New York rose for a third straight day on Wednesday after flipping between gains and losses during the session. A U.S. government report showed domestic crude supplies fell more than 3 million barrels last week. But the data showed fuel supplies rose and gasoline inventories are at the highest since August, highlighting the mixed picture within the petroleum complex.