Oil takes a dive after supply data, then mostly recovers

U.S. oil prices settled with a loss of a nickel on Wednesday, mostly recovering from the dive they took in the wake of a weekly report that showed an unexpected climb in gasoline inventories and a sizable increase in stockpiles at the futures delivery hub in Oklahoma.

July crude CLN5, -0.52%  fell 5 cents to settle at $59.92 a barrel on Nymex.

It was trading at $61.13 before the supply data and touched lows under $59 after them. A price recovery in the last half-hour of trading coincided with the Fed statement.

August Brent crude LCOQ5, -0.28%  on London’s ICE Futures exchange fell 17 cents, or 0.3%, to $63.87 a barrel, also paring losses.

The Nymex “rally into the close was undoubtedly the result of the knee-jerk selloff” in the U.S. dollar after the Fed announcement, said Tyler Richey, co-editor of the 7:00’s Report.

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