Oil prices slipped on Wednesday after data showed a second consecutive weekly jump in U.S. crude oil stockpiles, with trading choppy as dealers tested the notion that last week’s four-year low may have set a bottom.
Prices rose and fell several times, even after the U.S. Energy Information Administration said crude inventories rose by 7.11 million barrels, more than the 2.7 million-barrel increase analysts had expected.
“The large crude oil build is the dominant feature of the report, making it bearish overall,” said John Kilduff, partner at Again Capital LLC in New York.
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