Investing.com - U.S. oil prices held on to losses on Wednesday, after a U.S. government report showed that oil supplies rose more-than-expected last week.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April held in a range between $102.61 a barrel and $103.53 a barrel.
WTI oil prices last traded at $102.69 a barrel during U.S. morning hours, down 0.62%, or $0.64 cents. Prices were at $102.74 a barrel prior to the release of the supply data.
Nymex oil futures were likely to find support at $101.80 a barrel, the low from February 28 and resistance at $104.96 a barrel, the high from March 4.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 1.4 million barrels in the week ended February 28, above expectations for an increase of 1.3 million barrels.
Total U.S. crude oil inventories stood at 363.8 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1.6 million barrels, compared to forecasts for a drop of 1.2 million barrels, while distillate stockpiles increased by 1.4 million barrels, confounding expectations for a withdrawal of 1.2 million barrels.
Meanwhile, the Institute of Supply Management said its services purchasing manager''s index fell to a 43-month low of 51.6 last month from 54.0 in January. Analysts had expected the index to tick down to 53.5 in February.
The employment index fell sharply in February, contracting for the first time after 25 consecutive months of growth.
The report came after ADP nonfarm payrolls data showed that the U.S. private sector added 139,000 jobs in February, well below expectations for an increase of 160,000. January''s figure was revised sharply down to 127,000 from the previously reported 175,000.
The April WTI contract lost 1.52%, or $1.59 a barrel, on Tuesday to settle at $103.33 after Russian President Vladimir Putin said that there was "no need yet" for Russia to exercise its authority, adding that any force used would be a last resort.
The comments eased concerns over a military conflict in Ukraine, dampening demand for safe-haven assets.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery slumped 0.85%, or $0.94 cents, to trade at $108.37 a barrel, while the spread between the Brent and U.S. crude contracts stood at $5.68 a barrel.