Investing.com

Investing.com - Crude oil futures little changed on Wednesday after U.S. inventories data showed that crude stockpiles rose far more-than-expected last week, as ongoing tensions over Ukraine supported prices.



On the New York Mercantile Exchange, crude oil futures for delivery in May were trading at $102.54, dipping 0.02%. Prices were at $102.64 a barrel prior to the release of the supply data.



Brent oil for May delivery was up 0.23% to $107.91 a barrel on the ICE Futures Exchange in London, while the spread between the Brent and U.S. crude contracts stood at $5.37 a barrel.



The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 4.03 million barrels in the week ended April 4, compared to expectations for a build of 1.3 million barrels.



Total U.S. crude oil inventories stood at 384.1 million barrels as of last week.



The EIA said total motor gasoline inventories decreased by 5.18 million barrels, compared to forecasts for a decline of 0.72 million barrels, while distillate stockpiles increased by 0.23 million barrels.



The report came one day after the American Petroleum Institute said U.S. oil inventories rose by 7.1 million barrels last week, well above expectations for an increase of 2.5 million barrels.



Heightened geopolitical risk continued to underpin oil prices as Ukraine''s government continued to fight pro-Russian demonstrations in the east of the country. Russia has warned that use of force against the separatists could drag the country into civil war.



Investors were also following developments In Libya after government officials and rebels reached an agreement over the weekend to re-open Zueitina and Hariga ports, which normally export a combined total of 200,000 barrels a day, mostly to Europe.





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