Oil ends lower on demand uncertainty
Oil prices retreated on Wednesday as different crude commercial inventory reports made investors uneasy about energy demand, Xinhua reported.
Crude futures fell sharply after the American Petroleum Institution (API) said after Tuesday's market closing that crude inventories jumped by 5.9 million barrels last week.
But U.S. Energy Department's data, which was released on Wednesday morning, showed that crude inventory dropped by 818,000 barrels, slightly less than the one million drop analysts had predicted.
Oil prices pared some of early losses following the government inventory report. However, investors remained uncertain about oil demand, and energy commodities prices moved lower.
Light, sweet crude for September delivery fell 35 cents to settle at 75.42 U.S. dollars a barrel on the New York Mercantile Exchange.
Brent crude for October delivery fell 74 cents to 76.19 dollars a barrel on the ICE Futures Exchange in London.