Oil Futures Closed Higher But Well Off The Highs On Inventories, Saudi Comments

Oil closed higher Wednesday, with the January WTI futures contract closing up $0.53 at $67.40. The futures were trading higher earlier in the day at $68.23, but the U.S. Energy Information Administration released the report showing somewhat bearish builds in the gasoline and distillate stockpiles. The Saudis also came out with a statement saying they expected oil to be floored at the $60 level, which also may have taken in a somewhat bearish tone by the oil traders. Overall, this was the tightest trading range in oil since the OPEC announcement on Thanksgiving Day.