NEW YORK -- Oil futures settled nearly unchanged Wednesday, as the market digested U.S. government data showing a smaller-than-expected climb in last week' s crude inventories along with a drop in refinery utilization.
March crude (CLH3) settled at $96.62 a barrel on the New York Mercantile Exchange, down 2 cents. Prices rose 47 cents on Tuesday. Crude supplies will likely continue to build in the coming weeks, said Tariq Zahir, managing member at Tyche Capital Advisors, and "with inventories well above their five-year averages on the supply side, we feel crude could remain under pressure over the short to medium term."
Dow Jones Newswires