28.05.202010:20:00UTC+00Oil Prices Mixed In Choppy Trade

Oil prices were mixed on Thursday after industry data showed U.S. crude inventories swelled for the first time in three weeks.

Benchmark Brent crude climbed 0.9 percent to $34.90 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 1.8 percent at $32.23.

The American Petroleum Institute (API) reported late Wednesday that stockpiles expanded by 8.7 million barrels for the week ended May 22, compared with analysts' expectations for a draw of 1.9 million barrels.

The API report, which was released a day later than usual because of Monday's Memorial Day holiday, also showed gasoline stockpiles rose by 1.1 million barrels, while distillate fuel inventories climbed by 6.9 million barrels.

Crude stocks at the Cushing, Okla., storage hub fell by 3.4 million barrels for the week.

The U.S. Energy Information Administration (EIA) will publish its weekly inventories report later in the day.

Oil futures tumbled on Wednesday, with benchmark U.S. prices ending down about 4.5 percent, after reports suggested that Russia was in favor of easing up on supply cuts as planned in July, keeping with the terms of the output curbs agreed to by the Organization of the Petroleum Exporting Countries and its allies earlier this year. Simmering U.S.-China tensions also weighed on the commodity.