Updated from 11:26 a.m. EDT
Shares of most integrated oil companies closed lower Wednesday despite a drop in weekly petroleum inventories.
The Amex Oil index closed down 2.9% to 933.14. Light, sweet crude oil futures for June closed down 82 cents to settle at $57.82 on the New York Mercantile Exchange.
For the week ended May 8, crude inventories fell by 4.7 million barrels, or 1.3%, to 370.6 million barrels, 17.6% above year-ago levels, the Energy Department's Energy Information Administration said.
Analysts had expected an increase of 1.4 million barrels, according to Platts, the energy information unit of McGraw-Hill Cos.
Gasoline inventories fell by 4.1 million barrels, or 1.9%, to 208.3 million barrels, s 0.5% below year-ago levels. Analysts expected stockpiles to rise by 400,000 barrels.
Gasoline demand over the four weeks ended May 8 was 1.2% lower than a year earlier, averaging 9 million barrels a day. U.S. refineries ran at 80.4% of total capacity on average, 4.9% lower from the prior week. Analysts expected capacity to remain at 85.3%.
closed down 1.5% to $69.77.
finished down 1.6% to $68.10.
was down 1.9% to $44.60.
closed down 2.2% to $46.04.
Royal Dutch Shell
closed down 0.6% to $49.33.
was up 0.4% to $29.48. Sunoco announced that it has signed a $34 million four-year contract extension and expansion with India's
Infocrossing unit for IT services.