August 8, 2012
Oil futures turned mixed in late trading on Wednesday after leaping to three-month highs on U.S. government data showing a sharp drawdown in domestic crude stockpiles last week and amid worries about lower North Sea oil production.
Trading was choppy and the pace accelerated late in the session, with U.S. crude closing lower for the first time in four sessions. After turning negative late, Brent crude recovered and posted small gain for the day.
Hopes for more monetary stimulus from the U.S. Federal Reserve to help keep economic growth from stalling kept U.S. crude’s losses in check.
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