Higher inventories undercut oil

A larger-than-expected increase in crude-oil inventories dented crude-oil futures on Wednesday, which briefly dipped below $80 U.S. immediately after the release but have since modestly trimmed some of their losses.

Crude for June delivery, the most active contract, recently retreated $2.42 U.S., or 2.9%, to $80.36 U.S. a barrel. The EIA showed an increase of 2.755 million barrels of oil, whereas expectations hovered around 1.5 million barrels. Gasoline stockpiles rose 1.2 million barrels, compared to a forecast ofo 200,000 barrels.

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