Oil Futures Settle At Lowest Level Since Mid-April

Oil futures settled under $42 a barrel on Wednesday after U.S. government data showed unexpected increases in weekly supplies of both crude oil and gasoline, along with a climb in total domestic crude production. September WTI crude fell by $1, or 2.3%, to settle at $41.92 a barrel on the New York Mercantile Exchange. Shortly before prices settled, the Federal Reserve hinted that it’s open to an interest-rate increase in September and that pressured oil prices down toward the session's lows. The settlement was the lowest for a most-active contract since April 18, according to FactSet data.