WASHINGTON (dpa-AFX) - Crude oil futures fell on Wednesday after official data showed a notable increase in crude inventories in the U.S. in the week ended June 21st, but recovered lost ground and eventually ended the day's session slightly up.
Expectations of strong demand in the summer driving season in the U.S., and likely disruptions in global oil supply due to the tensions in the Middle East supported oil prices.
West Texas Intermediate Crude oil futures for August ended up by $0.07 at $80.90 a barrel.
Brent crude futures were up $0.13 or about 0.15% at $84.35 a barrel a little while ago.
Data from U.S. Energy Information Administration showed crude oil inventories increased by 3.6 million barrels. Gasoline inventories surged by 2.7 million barrels last week, while distillate stockpiles dropped by 0.4 million barrels.
Recent Ukrainian attacks on Russian refineries and conflicts in Gaza resulted in traders pricing a risk premium into oil prices.
According to the Ukrainian army, Russian troops have launched around 100 deadly glide bombs and dozens of drones across the border over the last 24 hours.
Elsewhere, fighting raged between Israeli troops and Palestinian militants in Gaza's southern city of Rafah as fears grow of a wider regional war drawing in Lebanese Hamas ally Hezbollah.
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