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Futures Movers: Oil prices mostly lower as EIA reports first domestic crude supply build in 3 weeks

Oil prices traded mostly lower on Wednesday after a U.S. government report revealed a weekly increase in domestic crude supplies, defying market expectations for a third-weekly decline.

Futures prices, however, made only modest moves as investors continued to weigh signs of reduced global supplies on the back of efforts by major oil producers to curb production, the potential threat power outages in Venezuela pose the country’s output, and worries about slowing economic growth that could sap oil demand.

West Texas Intermediate crude for May delivery CLK9, -1.18% on the New York Mercantile Exchange fell 11 cents, or 0.2%, to $59.83 a barrel.

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