Oil futures moved sharply lower Wednesday, with U.S. prices logging their lowest settlement in nearly four weeks after briefly rallying to highs not seen since April, as worries surrounding the U.S.-Iran conflict subsided for now.
Data from the Energy Information Administration on Wednesday showing a surprise weekly rise in U.S. crude inventories, along with hefty increases in gasoline and distillate stockpiles, contributed to oil's price losses. Late Tuesday's "largely symbolic counter attack on US military facilities [by Iran and President Donald Trump's] response indicating that Iran was standing down eliminated the immediate threat of a disruption in oil production," said Jay Hatfield, portfolio manager of the InfraCap MLP exchange-traded fund February West Texas Intermediate oil declined by $3.09, or 4.9%, to settle at $59.61 barrel on the New York Mercantile Exchange after tapping an intraday high of $65.65.
Source : Marketwatch