WTI crude oil prices traded higher as U.S. crude oil inventories declined last week. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 4.9 million barrels to 463 million in the week to June 19. It was the eight consecutive weekly decline.
Analysts had expected a decline of 1.8 million barrels.
Gasoline inventories were up by 680,000 barrels to 218.5 million barrels last week, according to the EIA.
U.S. oil production increased to 9.6 million barrels a day from 9.59 million barrels a day.
Crude stocks at the Cushing, Oklahoma, decreased by 1.87 million barrels to 56.2 million barrels.
U.S. crude oil imports declined by 432,000 barrels per day.
Refineries in the U.S. were running at 94.0% of capacity, down from 93.1% the previous week.
Kuwaiti Oil Minister Ali al-Omair said on Tuesday that oil prices are expected to rise as stockpiles and the number of drilling rigs declined.
"We have reached a stage where a drop in oil prices is unlikely," he said.
WTI crude oil for August delivery increased to $61.57 a barrel on the New York Mercantile Exchange.
Brent crude oil for August fell to $64.25 a barrel on ICE Futures Europe.