Oil futures settle lower, pressured by FOMC minutes

Oil futures reversed course late Wednesday to settle narrowly lower as minutes from the U.S. Federal Reserve showed that an interest-rate hike was possible in June. The news supported the U.S. dollar and pressured dollar-denominated prices for oil. June WTI crude fell 12 cents, or 0.3%, to settle at $48.19 a barrel on the New York Mercantile Exchange. Prices had traded higher for most of the session as bigger-than-expected declines in oil-product stocks implied a higher demand outlook for crude.

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