Futures Movers: Oil prices hold gains as U.S. crude supplies rise a 5th week, but gasoline stockpiles drop

Oil futures held onto earlier gains on Wednesday, attempting to rebound hefty losses a day earlier, as U.S. gasoline stockpiles posted a drop that was three times bigger than expected—outweighing pressure from a fifth weekly rise in crude inventories.

U.S. and global benchmark futures for crude sank by more than 4% on Tuesday, with the U.S. benchmark dropping to its lowest finish in more than two months on worries about global economic growth and expectations that supplies will remain ample in the near term, despite renewed sanctions on Iran.

December West Texas Intermediate crude CLZ8, +1.84% on the New York Mercantile Exchange rose 41 cents, or 0.6%, to $66.84 a barrel.

>>> Original Source <<<