By early afternoon in Europe, benchmark crude for September delivery was down 97 cents at $74.80 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 53 cents to settle at $75.77 on Tuesday, rebounding from five straight days of losses.
The gains ran out of steam after the American Petroleum Institute said late Tuesday that crude inventories rose sharply, by 5.87 million barrels, last week, against market expectations for a drop in supplies.
Inventories of gasoline and distillates also rose, the API said."
Pablo Gorondi reports for the Associated Press August 18, 2010.
"Pump Prices Fall as Crude Oil Declines" (AP)