Oil prices crept up on Wednesday, recovering from early losses as oil stockpiles in the United States unexpectedly declined and inventories at the country's largest storage facility fell to their lowest level in three years. As of 11:58 a.m. EDT (1558 GMT), Brent oil futures were up 10 cents, or 0.1 percent, to $85.18 a barrel, close to multi-year highs. November U.S. West Texas Intermediate (WTI) crude increased 34 cents, or 0.4 percent, to $83.30 a barrel on Wednesday, while the more active December WTI contract rose 22 cents, or 0.3 percent, to $82.66 a barrel.
The US Energy Information Administration said that oil stocks declined by 431,000 barrels in the most recent week, against forecasts for an increase, and gasoline stocks fell by more than 5 million barrels as refiners reduced processing due to maintenance. Stocks in the United States fell to their lowest level since October 2018 at the Cushing, Oklahoma delivery hub. According to the EIA, gasoline stockpiles are now at their lowest level since November 2019.
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