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.
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