In a volatile session, NYMEX crude oil futures are up 0.18 percent on Wednesday after the Energy Information Administration (EIA) released lower than expected U.S. oil inventories.
Shortly before the announcement at 10:30 am EST, the futures were essentially flat for the day, trading range-bound between $81.15 and $81.50.
After the announcement, they gained as much as $1.6, or 2 percent.
However, starting at 11:00 am EST, they declined and erased the earlier gains, trading as low as $80.81 before recovering to current prices.
The 11:00 am decline was shared by the equities and forex market as well.
The S&P 500 pared gains much of its gains and the Dow Jones Industrial Average dipped into negative territory for the day.
The U.S. dollar, which is generally inversely correlated with oil prices, gained, erasing most of its losses made earlier in the U.S. session.
Crude oil inventories increased by 1.4 million barrels for the week ending in March 5, lower than analyst expectations of analysts 2.1 million barrels, according to Platts.
According to the EIA, gasoline inventory’s dropped by 2.96 million barrels. For the past four weeks, motor gasoline demand averaged 8.9 million barrels per day, up 0.5 percent year over year.