Aryanews- U.S. crude oil futures pared gains and briefly turned negative before bouncing back up on Wednesday after a government report showed crude stocks rose more than forecast last week.
The report from the U.S. Energy Information Administration also showed gasoline stocks rose and distillate stocks dropped. [EIA/S]
Ahead of the inventory report, the weak dollar and higher equities market on Wall Street had helped push crude oil futures higher.
On the New York Mercantile Exchange at 10:40 a.m. EST (1540 GMT), April <CLJ0> crude was up 42 cents, or 0.53 percent, at $80.10 a barrel, trading from $79.44 to $80.42.