Oil turns sharply lower

Oil prices turned sharply lower on Wednesday as weekly data showing a bigger-than-expected fall in U.S. crude supply.

Crude inventories fell by 4.4 million barrels in the last week, compared with analysts’ expectations for an decrease of 1.5 million barrels.

EIA also reported that, the utilization rate for U.S. refiners was 96.1 percent, the highest rate since August 2005.

Growing oversupply, slowing demand from China and the prospect of crude flooding onto the market from Iran press the oil prices

 Varchev Traders

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