Oil exchange traded funds reversed earlier gains Wednesday to close with losses of more than 2% thanks to a late-day pullback.
Oil ETFs fell after markets digested the Federal Reserve’s Beige Book report and the latest news on the Eurzone debt saga.
Crude futures dropped to around $86 a barrel.
The Department of Energy announced a significant drop in crude oil stockpiles, reports Andrea Tse for The Street.
“A large drop in imports has brought a huge draw to crude stocks,” Matt Smith, commodity analyst at Summit Energy, a subsidiary of Schneider Electric, said.