Front WTI $39.03 down 28 cents.
Oil futures turned lower Wednesday despite a weekly decline in U.S. crude inventories, dragged down by a nearly 5% drop in gasoline futures, which were pressured by the restart of a key refinery and an unexpected increase in domestic stockpiles.
Investors also remained cautious amid volatile financial markets and continued uncertainty over China’s growth outlook, but oil had managed to find some support earlier Wednesday from.
October West Texas Intermediate crude CLV5, -0.71% shed 18 cents, or 0.5%, to $39.13 a barrel on the New York Mercantile Exchange, after trading as high as $39.86. October Brent crude LCOV5, +0.14% on London’s ICE Futures exchange fell 7 cents, or 0.2%, to $43.14 a barrel.
Early Wednesday, the U.S. Energy Information Administration reported that crude stockpiles fell 5.5 million barrels for the week ended Aug. 21. Analysts polled by Platts had forecast a rise of 1.9 million barrels, but the American Petroleum Institute Tuesday said supplies dropped 7.3 million barrels, according to sources.
“It seems as though the market has been a few days ahead of the headlines, as data seems to be priced in to the market already,” said John Macaluso, an analyst at Tyche Capital Advisors. “Despite a large draw in oil inventories, production has remained flat at [the futures delivery hub of] Cushing Okla.”Earlier:
A midday correction is “probable,” but “the low’s have yet to be tested and [we] expect further weakness through the week,” he said....MORE
"Oil catches breath near six-and-a-half-year lows after falls"
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The World Cries Out For A Pure Play Oil Refinery ETF; Market Vectors Responds (CRAK)