Futures lost as much as 1 percent in New York, after falling 2.4 percent in the previous two sessions. Gasoline supplies rose by 4.91 million barrels last week, the American Petroleum Institute was said to report. That will be the biggest gain since January if replicated in government data Wednesday. Libya is gradually resuming output at its biggest oil field, people familiar with the matter said. Nationwide crude stockpiles fell by 4.08 million barrels last week, the API said Tuesday, according to people familiar with the data. Crude stockpiles at Cushing, Oklahoma, climbed by 2.08 million barrels. An Energy Information Administration report Wednesday is forecast to show supplies slid by 500,000 barrels, according to the median estimate in a Bloomberg survey. Click Read More below for more of the story.

American Dollar to Canadian Dollar = 0.750588; American Dollar to Chinese Yuan = 0.140293; American Dollar to Euro = 1.077903; American Dollar to Japanese Yen = 0.007174; American Dollar to Mexican Peso = 0.057534.

Crude oil prices rose but backed away from multi-year highs on Wednesday after U.S. government data showed an increase in fuel inventories and a falloff in refining activity. A broad, global market rally, including stocks, has also been fueling investment into crude oil futures, but analysts warned of possible overheating. U.S. crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast, but bigger-than-expected builds in gasoline and fuel stocks offset that drawdown, the Energy Information Administration reported. Click Read More below for additional information.