Oil prices remain steady after big drop in US crude inventories
Oil prices were little changed on Wednesday, paring gains after spiking earlier on data showing U.S. inventories dropped by nearly 5 million barrels and demand rose to an all-time high.
Brent crude futures gained 49 cents, or 0.5%, to $91.27 a barrel by 1:41 p.m. EST (1841 GMT). U.S. West Texas Intermediate crude fell 1 cent to $89.35 a barrel.
U.S. crude stocks fell by 4.8 million barrels last week, including a sharp drawdown at the key Cushing hub, as overall product supplied, a proxy for demand, hit a record 21.9 million barrels per day over the past four weeks, government data showed on Wednesday.
