Oil rebound sours as crude drops to 4-month low

Bears retook control of the oil market Wednesday, reversing early gains to send the U.S. benchmark to its lowest finish since March after a larger-than-expected fall in U.S. crude inventories was overshadowed by a rise in supplies of oil products.

On the New York Mercantile Exchange, West Texas Intermediate crude-oil futures CLU5, -0.02% fell 59 cents, or 1.4%, to settle at $45.15 a barrel—the lowest close since March 18.

Earlier in Wednesday’s session, the contract had jumped as high as $46.70 a barrel after the weekly data from the Energy Information Administration showed U.S. commercial-crude inventories fell by 4.4 million barrels in the week ended July 31.

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