Oil Futures Pare Losses By The Close

Oil futures settled with a modest decline Wednesday, paring losses in the last half hour or so of trading despite U.S. government data showing a ninth weekly increase in crude supplies. The move for prices "suggests the market remains oversold by weak-handed shorts, adding volatility to the market as those shorts get squeezed out," said Tyler Richey, an analyst for the 7:00's Report. "But the technical damage has been done and a near-term trend lower is emerging on the charts," he said. April crude fell 12 cents, or 0.3%, to settle at $48.17 a barrel on the New York Mercantile Exchange.