WASHINGTON (dpa-AFX) - Despite data showing a surge in crude inventories in the U.S., oil futures settled higher on Thursday, as supply disruptions in Russia, and drop in gasoline and distillate fuel stocks supported oil prices.
West Texas Intermediate Crude oil futures closed higher by $32 or about 0.44% at $72.57 a barrel.
Brent crude futures settled at $76.48 a barrel, gaining $0.44 or about 0.58%.
Data from the Energy Information Administration (EIA) showed crude oil inventories in the U.S. shot up by 4.6 million barrels last week, after jumping by 4.1 million barrels in the previous week. Economists had expected crude oil inventories to increase by 3.0 million barrels.
Nonetheless, at 432.5 million barrels, U.S. crude oil inventories remain about 3% below the five-year average for this time of year, the EIA said.
Meanwhile, the report said gasoline inventories edged down by 0.2 million barrels last week and are 1% below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also fell by 2.1 million barrels last week and are about 12% below the five-year average for this time of year.
According to reports, Russia attacked some gas production facilities in Ukraine on Wednesday. Earlier, Russia said on Tuesday that the Caspian Pipeline Consortium oil flows, a major route for crude exports from Kazakhstan, were reduced by 30% - 40% following an attack on a pumping station by Ukraine.
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