Crude stocks at the Cushing, Oklahoma, delivery hub rose by 459,000 barrels, EIA said. Gasoline stocks were down (-3.0m vs. -0.3m expected) while distillate stocks (-3.0m vs. -0.4m expected) were also down.
Crude oil futures edged higher Wednesday despite a significant build in United States oil inventories.
Geopolitical tensions, including the prospect of fresh sanctions on Iran and disruption to the country's oil flows, helped push oil higher this month. Brent crude is now above $74.0.
"Crude oil prices see-sawed lower overnight, after the previous days' climb to its 2014 highs", OCBC Commodity economist Barnabas Gan said. "However, given the already vast holdings of long positions in oil, there are doubts over the scope for further inflows".
As of 0220 GMT, the US Dollar Index was up 0.16% at 90.695.
3% Treasury Yield Triggers Puzzling Market Reaction
Though it may seem counterintuitive, investors anxious about a stock market crash should be watching the market for U.S. You can see in the chart below how the yields in front of the 10-year have been lifted while longer rates have slumped.