Crude retreats, hovers near 12-year lows as U.S. oil inventories soar | Reuters:
"Brent oil prices fell on Wednesday and U.S. crude pared gains after a massive build in U.S. gasoline and diesel inventories fed into bearish sentiment about stagnating demand amid the supply glut that has brought oil prices close to 12-year lows.
Both contracts saw intra-day highs of more than $1 above Tuesday's closing price on upbeat Chinese economic data earlier in the session.
By 12:35 p.m. EST (1735 GMT), Brent crude was down 32 cents at $30.54 a barrel, while U.S. West Texas Intermediate crude (WTI) was up 11 cents at $30.55."
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