LONDON: Brent oil prices dipped on Wednesday after a key US report showed that crude stockpiles had soared again last week to their highest level in 30 years.
Brent North Sea crude for delivery in June dropped 57 cents to $103.83 per barrel in London late afternoon deals.
New York's main contract, light sweet crude for June meanwhile rose 32 cents to $95.54 a barrel.
"Crude oil prices came under renewed pressure with Brent oil retreating below $104 per barrel, following another build in crude oil stocks," said analyst Myrto Sokou at London-based brokerage Sucden Financial.
"It was a modest increase in crude oil inventories, less than initially estimated, but it set a bearish tone to the oil market."
The US government's Energy Information Administration (EIA) revealed that American crude stocks rose 200,000 barrels to 395.5 million barrels in the week ending May 3.
Market expectations had been for a far larger gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires.
However, US crude oil reserves still hit their highest level since 1982, when the weekly report began, indicating that production was outstripping demand and putting downward pressure on Brent prices.
The US inventories report is a vital focus for traders because the United States is the world's biggest economy and its largest oil-consuming nation.
Crude futures had fallen on Tuesday as dealers booked profits from three straight days of gains amid expectations of another rise in US crude supplies.
The EIA added that distillates, which include diesel and heating fuel, rallied by 1.8 million barrels last week. That was four times more than expectations.
Gasoline or petrol stockpiles fell by 900,000 barrels last week. That was triple analysts' forecasts.
Gasoline levels are shifting into focus ahead of the start of the peak-demand US driving season at the end of the month, when many Americans hit the roads for their summer holidays.
Across in Asia on Wednesday, news of a record trade surplus for China helped to allay concerns about faltering demand in the world's second largest economy and biggest energy user.
China swung back to a trade surplus of $18.2 billion in April after posting a rare deficit the previous month, official data showed.
April imports increased 16.8 percent year-on-year to $168.9 billion, Customs said, while exports rose 14.7 percent to $187.1 billion. In March, the country had posted a deficit of $880 million.
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