New York — Oil futures pared losses briefly on Wednesday after US crude inventories fell the most in nearly two years, before trading lower in a volatile session in which supplies from Libya and Iran were expected to increase.US crude stockpiles decreased by nearly 13-million barrels last week, while petrol inventories also fell and distillate stockpiles rose, the Energy Information Administration (EIA) said on Wednesday. The decrease was the biggest since September 2 2016. Crude benchmarks shrugged off the draw."In spite of the extraordinary draw in crude oil inventories, the market is under pressure after refiners produced a record amount of petrol this week and in conjunction with a greater-than-expected build in distillate inventories," said Andrew Lipow, president at Lipow Oil Associates in Houston.Brent crude fell $1.84 to $77.02 a barrel by 2.46pm GMT, after touching $77.84 a barrel after the figures were released. Brent earlier touched a session low of $76.76 a barrel. US li...
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