The disappointing inventory report caused prices to erase an earlier rally, as it reignited worries about oversupply.
August West Texas Intermediate crude CLQ6, +0.69% fell by 72 cents, or 1.4%, to settle at $49.13 a barrel on the New York Mercantile Exchange. Before the supply data, it was trading at around $50.18 and had tapped a high of $50.54 overnight.
August Brent crude LCOQ6, +0.60% fell 74 cents, or 1.5%, to end at $49.88 a barrel on London’s ICE Futures exchange.
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