The U.S. oil benchmark finished modestly higher Wednesday after an upbeat demand estimate from a global energy watchdog, but only after struggling to hold those gains after U.S. government data showed a smaller-than-expected drop in historically high crude inventories.On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU5, -0.05% rose 22 cents, or 0.5%, to settle at $43.30 a barrel after flipping between gains and losses earlier in the session. On Tuesday, the U.S. benchmark plunged in the wake of China’s yuan devaluation, closing at its lowest level since March 2009.
The global benchmark, Brent crude, LCOU5, +0.22% rose 48 cents, or 1%, to end at $49.66 a barrel on London’s ICE futures exchange.
Oil prices fell back from session highs after the Energy Information Administration said U.S. crude-oil inventories fell by around 1.7 million barrels to 453.6 million barrels last week. Analysts surveyed by oil-data firm Platts had forecast a drop of 1.9 million barrels. Crude-oil inventories remain at levels not seen for this time of the year for at least eight decades, the EIA noted.
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