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.

U.S. Oil fund (NYSEArca: USO) was down 2.43% at Wednesday’s close, Powershares DB Oil Fund (NYSEArca: DBO) was down 2.38% and USCommodity 12 Month Oil (NYSEArca: USL) closed down 2.51%.

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.

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