Futures Movers: Oil prices end higher as U.S. crude supplies post a modest, but third straight weekly decline

Oil futures ended higher Wednesday after posting a roughly two-week low a day earlier, as U.S. government data showed domestic crude supplies fell a third straight week, but by a lot less than the market expected.

The smaller-than-expected oil inventory decline “implies that there is weaker demand,” particularly on the heels of a hefty 12.8 million-barrel drop a week earlier, James Hatzigiannis, senior commodities associate at Long Leaf Trading Group, told MarketWatch.

Still, following the hefty declines in oil prices Tuesday, he expected the market to see some “bargain hunting” that may outweigh pressure from the numbers in the supply report.

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