U.S. crude futures fell more than 1 percent on Wednesday after a surprise build in stockpiles while gasoline rallied on bets for strong fuel demand through the peak summer driving season.
American Petroleum Institute
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Crude futures hit 3-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market.
Oil prices extended declines from the previous session on Wednesday as tensions in the Middle East eased after Saudi Arabia ended an air strike campaign in Yemen, but industry leaders said the market could rebound as attention turned to rising demand.
Brent crude prices fell almost $1 a barrel on Tuesday, with an Iranian delegation in Beijing this week to push for more oil sales.
Oil dropped below $62 a barrel on Wednesday, failing to build on gains of more than 1 percent in the previous session as analysts said a recent rally in prices was overblown.
Global oil markets on Tuesday slumped for a fourth straight session as mounting worries about a supply glut pressured crude prices, which have fallen almost 10 percent this week to their lowest since spring 2009.
Brent oil extended losses into a fourth session on Tuesday, with prices hovering close to a more than five-year low above $57 per barrel, as persistent worries about a global supply glut offset concerns about output disruptions in Libyan.
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