Oil drops on warm winter outlook
USA West Texas Intermediate futures were down USD 0.69, at USD 37.18 per barrel. Brent settled as USD 37.32 per barrel after a USD 0.47 drop.
Both crude types gained about 3% on Tuesday due to cold weather predictions. However, weather data from multinational media firm Thomson Reuters indicated that temperatures would rise six to eight degrees Celsius in Europe by January 7.
Crude prices have dropped more than two-thirds since mid-2014 due to a supply glut of 500,000 to 2 million bpd.
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