Oil futures lose grip on gains after Fed minutes

Oil prices had spent much of the session trading higher as bigger-than-expected weekly declines in U.S. gasoline and distillate supplies offset pressure from a surprise rise in crude stockpiles.

June West Texas Intermediate crude CLM6, -1.04% fell 12 cents, or 0.3%, to settle at $48.19 a barrel on the New York Mercantile Exchange. Prices had climbed to highs near $49 and also dipped to lows under $48. It was trading up around $48.77 when minutes from the Fed meeting were released.

July Brent crude LCON6, -1.37% fell 35 cents, or 0.7%, to end at $48.93 a barrel on London’s ICE Futures exchange

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