Stockpiles of U.S. crude rose and fuel inventories climbed, both of which combined to push down oil futures in New York, Bloomberg reports.
A U.S. Energy Department also said crude inventories climbed last week to 345.1, an increase of 1.9 million barrels. Inventories of gasoline, diesel and heating oil also grew.
"The market is trying to digest the big builds in today's reports," Carl Larry, president of Oil Outlooks & Opinions LLC in Houston, told the news service.
Shortly after 3:30 p.m., Brent crude oil futures were up 2.19 percent, a $2.19 increase to $102.11 per barrel.
The U.S. Energy Department also noted gasoline supplies increased last week by 4.66 million barrels, totaling 240.9 million. That figure represents the largest amount since March 1990. Forecasts indicated the stockpile was set to climb by 2.6 million barrels.
"The big increase in gasoline supplies has major implications for prices in the months ahead," Jason Schenker, president of Austin, Texas-based energy advisors Prestige Economics, told Bloomberg. "Crude prices will come under pressure when refiners have to cut back on gasoline output."
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