Bears retook control of the oil market Wednesday, reversing early gains to send the U.S. benchmark to its lowest finish since March after a larger-than-expected fall in U.S. crude inventories was overshadowed by a rise in supplies of oil products.On the New York Mercantile Exchange, West Texas Intermediate crude-oil futures CLU5, +0.02% fell 59 cents, or 1.4%, to settle at $45.15 a barrel—the lowest close since March 18.
Earlier in Wednesday’s session, the contract had jumped as high as $46.70 a barrel after the weekly data from the Energy Information Administration showed U.S. commercial-crude inventories fell by 4.4 million barrels in the week ended July 31.
Brent crude LCOU5, +0.24% —the global oil benchmark—lost 40 cents, or 0.8%, to close at $49.59 a barrel on London’s ICE Futures exchange. .
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