Oil prices gave up some gains after government data showed weekly U.S. crude production rose for the first time in three months and fuel stockpiles jumped unexpectedly.
Futures had earlier risen to new 2016 highs on relentless sabotage of oil supplies in Nigeria and as U.S. crude inventory data showed fresh draws.
The U.S. Energy Information Administration reported crude inventories fell by 3.2 million barrels in the last week to June 3, compared with analysts’ expectations for an decrease of 2.7 million barrels.
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