Oil is treading water despite falling US inventories. Crude prices reversed their trajectory on Wednesday, to end close to equilibrium.

After being buoyed by news of a pullback in U.S. crude inventories, a barrel of Brent North Sea oil for July delivery closed at $68.96, 8 cents or 0.11% higher than Tuesday's course in London.
The benchmark European crude contract had stopped earlier in the session a few cents from the $70 mark, at $69.89, a first since March 15. In New York, the American barrel of WTI for the month of June rose in session to 66.62 dollars, a price not seen since March 8, but ended in very slight decline, losing 6 cents or 0.09 % at $65.63.
Such a decline is generally a positive sign for activity and oil demand. At the start of the session, oil prices were up more than 1%, supported by a stronger than expected decline in US commercial crude oil reserves. Nevertheless, gasoline stocks, which analysts had forecast down by more than 700,000 barrels, increased by as much (+737,000 barrels).