Oil ends little changed, U.S. oil inventories fall | Reuters

Oil ends little changed, U.S. oil inventories fall | Reuters

Oil ended little changed on Wednesday after two days of gains despite a sharp drawdown in U.S. crude stocks, as the market weighs the outlook for demand with coronavirus infections still surging worldwide.

Both Brent and U.S. futures contracts hit their highest levels since mid-March in intraday trade before retreating. The $70-per-barrel mark has acted as a barrier for the market since March, with investors unwilling to push oil higher as COVID-19 cases increase in parts of the world.

Brent crude settled at $68.96 a barrel, up 8 cents. U.S. West Texas Intermediate (WTI) crude settled at $65.63 a barrel, down 6 cents.

U.S. crude inventories fell by 8 million barrels in the most recent week, exceeding expectations for a 2.3 million-barrel drop, the Energy Information Administration said. Exports rose to 4.1 million bpd, the most since March of last year, and refining output was at its highest since that month as well.