WASHINGTON (dpa-AFX) - Crude oil futures fell Wednesday, but steadied after government data showed a more modest build in U.S. oil stockpiles.
The Energy Information Administration said domestic inventories rose by about 1 million barrels. While significant, the increase was far short of yesterday's industry survey.
On Tuesday, the American Petroleum Institute (API) reported a massive build of 6.513 million barrels of United States crude oil inventories, more than triple analyst expectations.
WTI light sweet crude oil fell 37 cents, or 0.7%, to settle at $55.33/bbl on Nymex, the lowest in two weeks.
Prices have fallen sharply from 2-year highs this week amid speculation that global production will surpass demand next year.
U.S. shale output is surging and American companies added many rigs last week, hoping to take advantage of $50+ oil prices.
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