[Editor's note: this story was updated at 10:30 a.m. CT June 28.]

U.S. crude oil inventories edged up last week while gasoline stocks decreased, the Energy Information Administration (EIA) said June 28, providing a modest lift to oil prices that have been pressured by an ongoing supply glut.

Crude inventories rose 118,000 barrels (bbl) in the week ending June 23, compared with forecasts for a 2.6 million bbl decrease, as imports rose 129,000 bbl/d and refinery runs fell 262,000 bbl/d.

Gasoline stocks fell 894,000 bbl, compared with expectations for a 583,000 bbl drop. But current gasoline inventories of 241 million bbl remains about 7.5% higher than the seasonal average for stocks over the past five years.

Those high inventories have squeezed refining profits. The current gasoline crack spread on the New York Mercantile Exchange, an indicator of refining margins, of $16.53/bbl is $3 lower than the five-year average of $20.56, as heavy supply is hurting refiners even in the midst of the summer driving season.

"U.S. gasoline stocks remaining above its five-year average underscores demand concerns in the market," said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London.

Demand for the motor fuel over the past four months was down 2.4% from the same period a year ago, the EIA said.

Gasoline demand was slack at the outset of 2017 but has picked up in recent weeks, and the American Automobile Association expects a record number of U.S. motorists will drive more than 50 miles (80 km) from home over the coming Fourth of July holiday weekend.

Oil prices rose following the report. U.S. crude futures was 55 cents higher at $44.79 a barrel as of 9:57 a.m. CT (14:57 GMT), while Brent futures rose 62 cents to $47.27/bbl.

Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell 297,000 barrels, the EIA said.

U.S. crude production fell 100,000 bbl/d to 9.25 million bbl/d last week, the EIA said.

That is "a significant decline given the increases in previous weeks and that is supporting crude futures today,” Andrew Lipow, president of Lipow Oil Associates in Houston, said, noting some of that production decline was likely due to Tropical Storm Cindy, which briefly shut some operations in the Gulf of Mexico last week.

Refinery utilization rates fell 1.5 percentage points to 92.5% of operable capacity, EIA data showed.

Distillate stockpiles, which include diesel and heating oil, fell by 223,000 bbl, vs. expectations for a 453,000 bbl increase, the EIA said.