Oil Futures Suffer a Retreat Back Below $45 a Barrel

By Myra P. Saefong Markets MarketWatch Pulse

Oil futures fell on Wednesday, giving up just about all of the gains from a day earlier to finish back below $45 a barrel. A report from the Energy Information Administration showed a weekly rise in U.S. oil production, as well as increases for gasoline and distillate supplies. August WTI crude fell $2.05, or 4.4%, to settle at $44.75 a barrel on the New York Mercantile Exchange. It rose $2.04, or about 4.6%, to settle near a one-week high of $46.80 on Tuesday.

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