West TX Oil Retreats to $52 after 4-day Rally

U.S. crude futures fell more than 2 percent in early Asian trade on Wednesday, after a tumbling dollar had pushed up prices by about 19 percent over the last four sessions.

Oil markets have rebounded in recent days as some investors become more confident that oil prices have hit bottom after a seven-month rout that had prompted major energy companies to slash spending on new production.

Estimates by industry group American Petroleum Institute (API) that U.S. crude stockpiles rose more than 6 million barrels last week, in a fifth straight week of climbs, helped drive prices lower on Wednesday.

CNBC

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