Pressure from a fall in heating-oil prices helped to undermine support from the first decline in U.S. crude supplies in 11 weeks, prompting oil prices to finish lower on Wednesday.Prices for oil had climbed early Wednesday after U.S. government report showed a hefty drop in supplies. But traders have also been analyzing the latest data from the Energy Information Administration, which show that total crude inventories of 485.9 million barrels continue to sit at their highest level for this time of year in at least 80 years.
January West Texas Intermediate crude CLF6, +0.62% settled at $37.16 a barrel, down 35 cents, or 0.9%, on the New York Mercantile Exchange, after trading as high as $38.99 earlier. January Brent crude LCOF6, +0.77% on London’s ICE Futures exchange fell 15 cents, or 0.4%, to $40.11 a barrel.
Oil prices had declined over each of the last three trading sessions, following the Organization of the Petroleum Exporting Countries’ decision on Friday to keep producing oil at high levels in the face of a global supply glut.
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