Crude had risen since late last week as tensions in Iraq, OPEC’s second-largest producer, led to the halt of production at two Kirkuk fields. The resulting export curbs pushed oil in the U.S. to a three-week high on Wednesday but Brent has failed to breach last month’s peak and dropped below $58 following the inventory data. Prices reflect “oil bulls taking profit after the supply disruption in Iraq failed to drive Brent to new highs,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “It’s a classic risk-off move. On balance, I believe yesterday’s EIA report was net bearish.” U.S. gasoline inventories expanded by 908,000 barrels last week, while distillate supplies climbed to 134.5 million barrels, according to the Energy Information Administration. Refinery utilization slipped as plants including Exxon Mobil Corp.’s Joliet refinery in Illinois were said to carry out maintenance. Click Read More below for additional information.

National Average Price for Regular Unleaded Current: $4.926; Month Ago: $4.598; Year Ago: $3.078. National Average Price for Diesel Current: $5.805; Month Ago: $5.549; Year Ago: $3.225.

Futures rose as much as 1.2 percent to a six-week high, after advancing 2.1 percent on Tuesday. Donald Trump hinted at withdrawal from a deal curbing Iran’s nuclear program as Saudi Arabia’s Mohammed Bin Salman began a U.S. visit. Such a decision would raise the risk of the OPEC member’s oil exports being curtailed by sanctions. The specter of conflict involving giant producers is jolting prices, which have traded in a tight range since February. With the Organization of Petroleum Exporting Countries and its allies concluding that the market will rebalance by the end of September, Citigroup Inc. predicts oil’s recent “sideways” move is unlikely to last. Still, investors will be wary of growth in U.S. supply, which has threatened to undermine OPEC’s efforts to eliminate a global glut. Click Read More below for additional information.