Oil futures settle lower as global glut worries persist

Oil futures settled lower on Wednesday as a weekly drop in U.S. crude inventories wasn’t enough to ease the market’s concerns over the global supply glut.

On the New York Mercantile Exchange, June crude CLM5, -0.48%  settled at $60.50 a barrel, down 25 cents, or 0.4%. It was trading around $61.41 before the supply data and spiked to as high as $61.78 immediately afterward.

June Brent crude LCOM5, -0.36%  on London’s ICE Futures exchange fell 5 cents, or 0.1%, to $66.81 a barrel. The June Brent contract expires on Thursday.

The U.S. Energy Information Administration early Wednesday reported that crude supplies were down 2.2 million barrels for the week ended May 8. Analysts polled by Platts had forecast a smaller fall of 250,000 barrels.

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