Oil trimmed gains on Wednesday as concerns over possible Middle East supply disruptions were offset by a jump in US inventories, indicating waning demand.
During mid-morning trading, West Texas Intermediate (CL=F) futures rose 0.1% to hover near $62.10 per barrel, erasing gains of more than 1.5%. Brent crude (BZ=F), the international benchmark, was also trading modestly higher, near $65.30.
Futures briefly turned negative after data from the Energy Information Administration showed US crude stockpiles rose for a fourth consecutive week. Inventories of refined products, especially gasoline, also increased.
