(Bloomberg) — Oil rose after a two-day decline as an industry report showed US gasoline stockpiles shrunk further ahead of the summer driving season and Saudi Arabia said there’s nothing more it can do to tame the market.

After losing about 3% in the two previous sessions, West Texas Intermediate futures rose to $111 per barrel. People familiar with figures said the American Petroleum Institute had reported that the inventories of motor fuel dropped by 4.22million barrels last Wednesday. The stockpiles have fallen to their lowest point since 2013, according to the American Petroleum Institute.

The market has been gripped by a volatile period of trading since late February following Russia’s invasion of Ukraine and a Covid-19 resurgence across China. Saudi Arabia’s foreign minister said that the kingdom has done what it could for the oil market, adding that there was no shortfall of crude.

Inflation has been increased worldwide due to the conflict in Ukraine. The US pump prices have broken records repeatedly. In the lead up to this weekend’s summer driving season, unseasonably high gasoline exports are also being exported from America.

“Oil inventories for crude and products remain low,” said Victor Shum, the Singapore-based vice president of oil, midstream and downstream advisory for S&P Global (NYSE:) Commodity Insights. He said that price increases have been stifled by rising inflation and weak Chinese demand.

According to the API, US distillate inventories (which includes diesel) fell by 949,000 barrels while crude stockpiles increased. Energy Information Administration data will be available later on Wednesday.

Saudi Foreign Minister Prince Faisal bin Farhan said “oil supply right now is relatively in balance” during a panel session at the World Economic Forum in Davos, Switzerland. “The kingdom has done what it can.”

In an attempt to curb rising oil prices, the US leads a coordinated release of crude global reserves. According to the Department of Energy, its most recent announcement was about selling strategic stocks. It offered up to 40.1 million barrels of predominantly sweet crude.

©2022 Bloomberg L.P.