Oil prices settle mixed amid surging U.S. crude stockpiles

NEW YORK, March 6 (Xinhua) -- Oil prices were mixed in volatile trading on Wednesday, as a surge in weekly U.S. crude stockpiles was partly offset by a drop in the country's gasoline inventories.

U.S. commercial crude oil inventories rose by 7.1 million barrels in the week ended March 1, the U.S. Energy Information Administration (EIA) reported on Wednesday.

At 452.9 million barrels, U.S. crude oil inventories are about 4 percent above the five year average for this time of year, said the EIA.

However, U.S. gasoline stockpiles fell more than expected, providing a boost to futures prices of the petroleum product, and helping to offset pressure on crude oil prices, experts noted.

U.S. gasoline inventories decreased by 4.2 million barrels last week, according to the EIA weekly report.

The West Texas Intermediate for April delivery fell 0.34 U.S. dollar to settle at 56.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 0.13 dollar to close at 65.99 dollars a barrel on the London ICE Futures Exchange.