Late Reversal Sends Oil Lower as Bulls Can't Kill Fears of Glut - Bloomberg:
Oil gave up all of its gains in the last half hour of trading and skidded to a loss as a smaller-than-expected decline in U.S. crude stockpiles revived fears of a global glut.
Futures in New York settled 1 percent lower on Wednesday. A warning from Iran about discord among OPEC members added to worries that major oil exporters won’t succeed with last week’s pledge to curtail output.
The U.S. Energy Information Administration said earlier in the day that American crude inventories had fallen 1.21 million barrels, well below the 10.2 million cited in an industry report Tuesday that had raised oil bulls’ hopes. While record U.S. gasoline exports kept prices higher for at time, sellers gained momentum as trading drew to a close.
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