Oil prices turned higher Wednesday after the government said supplies of distillates and gasoline fell more than expected while crude stocks didn't gain as much as thought.

U.S. light crude for December delivery rose 5 cents to 58.78 a barrel on the New York Mercantile Exchange. Oil had traded down 41 cents just prior to the report's release.

In its weekly inventory report, the Energy Information Administration said crude stocks rose by 2 million barrels last week. Analysts were looking for a gain of 2.7 million barrels, according to Reuters.

Distillates, used to make heating oil and diesel fuel, fell by 2.7 million barrels while gasoline supplies dropped by 2.8 million barrels. Analysts were looking for a 1.3 million barrel drop in distillates supplies and a 1.3 million barrel decline in gasoline stockpiles as well.

Oil prices have slid about 25 percent since mid July on swelling stockpiles, a cooling of tensions in the Middle East, a hurricane season that never materialized and concerns over a slowing economy.