Investing.com -- Oil stockpiles declined last week, but by less than expected, according to government data.
Crude inventory fell 1.6 million barrels last week, according to the Energy Information Administration. Analysts had expected a draw of 2.3 million barrels. Seven of the previous eight weeks had seen falling inventory.
Traders have been watching the weekly inventory trends for signs that demand was picking up after months of business lockdowns. On Tuesday, the industry's own estimate said oil stockpiles rose last week by 691,000 barrels, against expectations for a decline.
Crude Oil WTI Futures, the U.S. benchmark, fell 0.4% in morning trading on Wednesday, at $39.63. Brent Oil Futures, the international standard, fell 0.2%, at $41.64.
Crude stored at Cushing, Oklahoma, rose by 4,000 barrels.