WTI crude inched higher on Wednesday on news of a U.S. government decision to permit exports of lightly refined oil, while Brent oil fell as fears of supply cuts from Iraq receded. U.S. crude reversed a two-day downward trend, after U.S. federal officials approved exports of condensate, an ultra-light oil, in a marginal relaxation of a 40-year ban on U.S. oil exports.
The rally lost some steam after weaker-than-expected data from the U.S. Energy Information Administration (EIA) pointed to a potential dip in demand growth from the world's largest oil consumer and as traders awaited some clarification of what the condensate ruling would mean for the market.
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