U.S. oil futures gave up earlier gains Wednesday to post a small loss for the session. Prices had been trading higher on expectations that an economic recovery in the U.S. and Europe would lead to higher demand for oil. A report from the Energy Information Administration also revealed a hefty weekly decline in U.S. crude inventories. However, prices eased back just ahead of the day’s settlement. The “virus is a big wildcard” as India is going to take some time to recover, said Tariq Zahir, managing member at Tyche Capital Advisors. Also, the members of Organization of the Petroleum Exporting Countries are starting to add oil to the market, which could “take some steam out of the energy markets in the months ahead.” June West Texas Intermediate crude edged down by 6 cents, or nearly 0.1%, to settle at $65.63 a barrel on the New York Mercantile Exchange after trading as high as $66.76.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
