Oil futures settled lower on Wednesday, giving up early gains after the Energy Information Administration reported a smaller-than-expected weekly decline in U.S. crude supplies. Oil prices were “somewhat subdued” given some concerns about the global economic outlook, said Phil Flynn, senior market analyst at The Price Futures Group. If demand holds up, “we’re going to see significant drawdowns in both oil and product inventories,” he said. However, “a rebound in the U.S. dollar is tempering enthusiasm” as the market tries to judge what the Federal Reserve’s next move is going to be after softer housing and inflation data seem to suggest the rate-hike cycle may soon peak. West Texas Intermediate crude for August delivery CLQ23 fell 40 cents, or 0.5%, to settle at $75.35 a barrel on the New York Mercantile Exchange.
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