Oil prices inched up Wednesday after a government report showed that crude stocks rose less than expected last week while product inventories fell more than analysts had forecast.

Light, sweet crude for April delivery rose 2 cents to $57.95 a barrel in late morning trading on the New York Mercantile Exchange.

The Brent crude contract for April added 5 cents to $60.95 a barrel on the ICE Futures exchange in London.

The Energy Department reported Wednesday that crude inventories rose last week to 325.3 million barrels, up by 1.1 million barrels, higher than analyst expectations. Analysts polled by Dow Jones Newswires estimated an average gain of 1.4 million barrels.

Meanwhile, gasoline inventories fell by 2.5 million barrels last week, above expectations of a 2.1 million barrel decline. Inventories for distillate stocks – which include heating oil and diesel fuel – fell by 2.8 million barrels, more than estimates of a 1.9 million barrel drop.

Crude, gasoline and distillate inventories are at the upper end of average for this time of year.

The drawdown in gasoline stocks failed to inspire any buying, with gasoline futures edging down less than a penny to $1.9226 a gallon. Heating oil futures gained a fraction of a cent to $1.6935 a gallon.

“Overall, all the numbers are very bullish. There is nothing bearish at all about this report,” said Phil Flynn, an energy analyst at Alaron Trading Corp. in Chicago. “But I think traders are still concerned that the stock market is soft.”

The April crude contract dipped by almost a dollar on Tuesday to settle at $57.93 a barrel following a decline in Wall Street which stirred worries about the U.S. economy and demand for energy.

The Organization of Petroleum Exporting Countries is set to meet on Thursday amid expectations that oil ministers would opt to keep output steady.

In other Nymex trading, natural gas prices rose 8.6 cents to $6.978 per 1,000 cubic feet.