Oil ends with a whimper as fall in U.S. crude supplies disappoints

Oil futures posted a loss Wednesday as government data revealed a smaller-than-expected weekly decline in domestic stockpiles of crude.

The disappointing inventory report caused prices to erase an earlier rally, as it reignited worries about oversupply.

August West Texas Intermediate crude CLQ6, +0.77% fell by 72 cents, or 1.4%, to settle at $49.13 a barrel on the New York Mercantile Exchange. Before the supply data, it was trading at around $50.18 and had tapped a high of $50.54 overnight.

August Brent crude LCOQ6, +0.76%  fell 74 cents, or 1.5%, to end at $49.88 a barrel on London’s ICE Futures exchange.

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