Oil Prices Above $59 After Supply Dips

Oil prices traded above $59 a barrel on Wednesday after the U.S. government released data showing a decline in crude inventories but a build in gasoline and distillate fuel supplies.

Light sweet crude for August rose 21 cents to $59.25 in early trade on the New York Mercantile Exchange.

In London, Brent crude fell 8 cents at $57.42 on the International Petroleum Exchange.

The U.S. Department of Energy’s petroleum report showed that domestic inventories of crude oil shrank last week by 1.6 million barrels to 327.4 million barrels, or 8 percent above year ago levels.
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