New York : Oil prices shed earlier session gains on Wednesday as traders disregarded the falling crude stockpiles.
US crude supplies of last week lost 3.6 million barrels to 485.9 million barrels, 105.1 million barrels more than one year before, according to the weekly report of the Energy Information Agency Wednesday.
Inventories at Cushing, Oklahoma, the delivery point for the US contract, added 0.4 million barrels to 59.4 million barrels.
US crude production dropped 38,000 to 9.164 million barrels a day last week, according to the EIA report.read more...http://www.vishwagujarat.com/business/oil-prices-fall-despite-declining-inventories/
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