The API report was also said to find that crude inventories slid by 5.48 million barrels last week and supplies at the key Cushing, Oklahoma, pipeline hub declined by 1.95 million barrels, the people said.
Refinery crude runs rose by 192,000 barrels per day, EIA data showed. Brent was trading down 0.75% on the day at $62.92.
Futures erased Tuesday's gains in NY after the American Petroleum Institute was said to report gasoline stockpiles in the world's largest economy surged by 9.2 million barrels last week, Bloomberg said.
50 injured after passenger train hits freight train in Germany
While a rescue operation was launched immediately, authorities have said the injuries people suffered were not life-threatening. Five people were injured in a train collision in a city close to Dusseldorf on Tuesday, local fire department said.
For the same period, analysts had consensus estimates for a decrease of 3 million barrels in crude inventories, a rise of about a million barrels in gasoline and an increase of 1.74 million barrels in distillate stockpiles. "If they do adhere, that will keep the oil price elevated".
New Delhi, Dec 6 Crude oil futures fell by Rs 26 to Rs 3,698 per barrel today as speculators reduced their positions amid a weakening trend overseas. WTI settled at $57.62 on Tuesday and opened at $57.45 Wednesday morning. The API report showed an increase of 9.196 million barrels, compared to forecasts of a much smaller 1.145-million-barrel build. Distillate product supplied averaged over 3.9 million barrels a day for the past four weeks, up by 0.6% compared with the same period a year ago. Now trade is carried out by the exchange's two divisions, the NYMEX Division and the COMEX Division, the first one designed for trades of oil, gas, platinum, palladium, ethanol, coal, electricity and carbon dioxide emissions, the second one for gold, silver, copper and aluminum. The global benchmark traded at a premium of $5.30 to February WTI.
The VanEck Vectors Oil Services ETF (NYSEARCA: OIH) traded down about 1.3%, at $24.66 in a 52-week range of $21.70 to $36.35.