Crude oil rally loses steam as demand worries return NYSEARCAUSO

U.S. crude oil ticked lower Wednesday after four straight winning sessions, as this week’s initial surge following OPEC’s surprise production cut lacks staying power, with prices merely holding gains since spiking more than 6% on the first day. A “bullish tilted” report from the Energy Information Administration showed weekly declines in U.S. inventories of commercial crude, gasoline and distillates implied strong demand, but was offset by economic data that showed softer business activity last month. The Institute for Supply Management’s service sector activity index fell to a three-month low of 51.2% in March, and the second estimate of March’s S&P…