Neil DennisConflicting reports on the state of US crude oil inventories caused the petroleum markets to turn volatile in late trade on Wednesday.
Having earlier been more than 1% higher both of the main crude oil contracts turned negative in late afternoon trade in London.
EIA inventory report
The weekly petroleum status report compiled by the US Energy Information Administration showed that in the week ending 27 October, US commercial crude oil inventories decreased by 2.4 million barrels to 454.9 million barrels.
This, however, represents stockpiles in the upper half of the average for the time of year, the EIA reported.
Refinery inputs averaged 16 million barrels per day as refineries operated at 88.1% of their capacity.
Contrasting data
EIA inventory data clashed, however, with data published on Tuesday by the American Petroleum Institute that showed crude stockpiles in the US decreased by 5.1 million barrels.
Oil prices fell in response to the discrepancy as EIA data is widely seen as the more accurate - coming from an institution that is independent of the oil industry and a bureau of the government.
Market reaction
Brent crude, the UK benchmark oil price, fell 0.4% to $60.70 a barrel, having earlier been up more than 1%.
US crude benchmark, Nymex WTI fell 0.1% to $54.34 a barrel, having also earlier been more than 1% higher.