Oil prices edged back above $122 today after an unexpected and sharp decline in American motor fuel stockpiles.
Ahead of the data, the market digested news that Libya had resumed deliveries of oil to Switzerland that had been cut off last Thursday over a diplomatic row between the two countries.
US crude gained 33 cents to reach $122.52 a barrel.
Brent North Sea crude firmed seven cents to $122.78.
The US Department of Energy said today that gasoline or petrol inventories sank by 3.5m barrels in the week ending July 25.
That surprised traders because market expectations had been for a weekly gain of 400,000 barrels.
Oil prices had tumbled sharply on Tuesday, partly owing to market concerns about weakening demand in the US.
Brent crude closed down more than $3 on Tuesday, leaving it about $25 below its record high of $147.50 dollars reached on July 11.
