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Oil prices pare early losses

Oil prices pared earlier losses on Wednesday after a U.S. government report showed a second consecutive weekly decline in domestic crude inventories.
 
The report eased some of the pressure on prices seen after the International Energy Agency lowered its growth forecast for 2018 global oil demand.
 
Brent crude, the global oil benchmark shed 28 cents, or 0.4 per cent, to $78.15 after touching its highest level since November 2014.
 
On the New York Mercantile Exchange, June West Texas Intermediate crude was down 31 cents, or 0.4 per cent, at $71 a barrel. 
 


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