Benchmark U.S. crude-oil futures headed solidly lower in early electronic trade Wednesday, giving away a chunk of the gains made in a monster rally the previous day as inventory data showed more oil on hand than expected.
West Texas Intermediate crude for March CLH5, -1.30% was down $1.48, or 2.8%, at $51.57 a barrel by midday in East Asia.
Brent North Sea crude, saw a slightly more moderate drop early Wednesday, with the March Brent contract LCOH5, -0.31% down 93 cents, or 1.6%, to $56.98 a barrel. March Brent had risen 5.8% the previous day.
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