Crude Oil Is Giving It Up

That didn’t last long.

After a more than 2% run-up on Wednesday morning, West Texas Intermediate crude was forfeiting most all of its gains and near 1:40 pm ET, ahead of the 2:00 Fed minutes, WTI was back below $US48. 

Late this morning, oil appeared pressured by the latest petroleum report from the Department of Energy that showed crude inventories fell while gas inventories rose by 8.1 million barrels. Earlier, oil rallied as US stocks opened the day higher as the market looks to end a five-day losing streak.

On Wednesday, crude touched $US47 a barrel overnight.

On Twitter, Eddy Elfenbein noted that crude has been down for 22 or the last 29 days. So, still a month-long disaster for the commodity.

Stocks and oil both fell again on Tuesday in what has been a tough start to the year, but on Wednesday, stocks were on pace for their first gains of the year and crude was taking back some losses. 

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.