West TX Oil Steady Around $59.50

U.S. crude pared losses to settle down 5 cents at $59.92 on Wednesday as the dollar weakened following the U.S. Federal Reserve’s decision to leave its benchmark interest rate unchanged.

Crude oil and refined products futures turned lower earlier on Wednesday in volatile trading after government data showed a surprise gasoline inventory build last week, even as production eased.  Concerns about Greece’s debt problems and the potential effect on Europe’s demand for petroleum also helped pressure crude futures.

U.S. gasoline inventories rose unexpectedly and crude oil stocks at the Cushing, Oklahoma, hub rose for the first time since April, while refinery utilization fell, the Energy Information Administration said on Wednesday.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.