Oil Futures Settle Lower, Pressured By FOMC Minutes

By Myra P. SaefongMarketsMarketWatch Pulse

Oil futures reversed course late Wednesday to settle narrowly lower as minutes from the U.S. Federal Reserve showed that an interest-rate hike was possible in June. The news supported the U.S. dollar and pressured dollar-denominated prices for oil. June WTI crude fell 12 cents, or 0.3%, to settle at $48.19 a barrel on the New York Mercantile Exchange. Prices had traded higher for most of the session as bigger-than-expected declines in oil-product stocks implied a higher demand outlook for crude.

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