West Texas Intermediate crude rose to a six-week high as a report showed fewer Americans than forecast filed applications for unemployment benefits.
Power prices climbed across much of Texas as demand exceeded projections and wind generation fell short of estimates.
Brent crude climbed to a six-week high on the escalating Ukraine crisis. West Texas Intermediate traded near $104 a barrel after a government report showed that U.S. inventories surged last week.
Natural gas futures slipped in New York for the third time in four days on forecasts for warmer weather that would limit heating demand after a cold blast, accelerating inventory restocking from an 11-year low.
West Texas Intermediate crude fell from a five-week high on forecasts that U.S. inventories increased last week. Brent slipped as Libya prepared to resume exports from its Hariga terminal.
Spot wholesale electricity in Texas rebounded from a one-month low as below-normal temperatures boosted demand.
Gasoline futures slipped from a seven-month high as the U.S. benchmark crude retreated.
Natural gas gained for the first time in three days in New York as a shot of cold air stoked consumption of the heating fuel.
Spot wholesale electricity in Texas slid as generation from wind was above expectations.
Natural gas fell for a second day in New York on speculation that stockpiling may accelerate as milder weather reduces fuel use.