The EIA reported a draw of 3.4 million barrels last week. Late Tuesday, the American Petroleum Institute, an industry group, said U.S. crude inventories rose by 3.45 million barrels, and analysts were expecting a build.
The EIA also said domestic production dipped to 8.805 million barrels a day from 8.825 million barrels the prior week.
Brent crude climbed rose 4.6% to $47.60 per barrel, and U.S. crude jumped 3.5% to 46.23. Oil had fallen earlier in the day as production resumed in Canada’s tar sands after a massive fire halted operations for a week. Gasoline futures shot up 6%.
Exxon Mobil (XOM) fell 1.3% on the stock market today. Royal Dutch Shell (RDSA) and BP (BP) were virtually unchanged. Chevron (CVX) shares dipped 0.1%.
Meanwhile Iranian oil exports have come on stronger than analysts first expected, hitting 700,000 barrels per day from presanction levels in April, according to Helima Croft, chief commodity strategist at RBC Capital Markets, quoted in a report from MarketWatch.