Crude Oil Retreats From Highs

August Crude Oil futures are trading lower by $0.13 at $49.72 per barrel in Wednesday's session. The contract is way off its pre-market high of $50.54. It rallied to that level after API inventory figures were released Tuesday around 4:30 p.m. ET.

Since making that high and reversing course, it has fallen through Tuesday's close ($49.85) to $49.57. At this time, the rebound has capped at $39.82.