The price of oil pared earlier gains and eased to $93 a barrel...

The price of oil pared earlier gains and eased to $93 a barrel Wednesday, despite official government data that showed a bigger-than-expected fall in crude stockpiles last week.

U.S. light, sweet crude [[email protected] 93.96 2.81 (+3.08%)] was higher, but off a session high of $95.00, after turmoil in global financial markets sent crude down 10 percent in two days to a seven-month low.

London Brent crude [[email protected] 91.26 2.04 (+2.29%)] was also up.

U.S. commercial crude oil inventories fell by 6.3 million barrels for the week ended September 12, compared to the previous week, according to the Energy Information Administration. That's more than the 4.8 million barrel decrease expected by analysts surveyed by CNBC and Dow Jones.

Total motor gasoline inventories decreased by 3.3 million barrels, compared to the 4.4 million barrel fall expected by analysts. And distillate fuel inventories decreased by 0.9 million barrels, while analysts had expected a decline of 2.3 million barrels.