Oil futures end higher after dip below $40 a barrel

Oil futures eked out a modest gain Wednesday, with the U.S. benchmark recovering from a dip below $40 a barrel for the first time since August, driven lower by another rise in crude-oil inventories.

West Texas Intermediate crude for December delivery CLZ5, +0.52%  ended with a gain of 8 cents, or 0.2%, at $40.75 a barrel, after earlier dipping as low as $39.91 a barrel.

January Brent crude futures LCOF6, +0.93%  on the Intercontinental Exchange rose 57 cents, or 1.3%, to end at $44.14 a barrel.

And while the rise in overall crude inventories was less than forecast, response to that figure was muted after the American Petroleum Institute late Tuesday reported that U.S. crude inventories had dropped by 482,000 barrels. That had stoked hopes that the more closely followed EIA data would also show a drop analysts said.

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