Workers walk toward Halliburton Co. “sand castles” at an Anadarko Petroleum Corp. hydraulic fracturing site in Colorado. (Photo by Bloomberg News)
Oil prices retreated from 2016 highs on Wednesday after U.S. crude inventories built to record highs, with the market remaining in positive territory on bets that an upcoming U.S. central bank policy statement will keep the dollar weak.
U.S.crude futures were up 55 cents at $44.59. Earlier, it hit its highest level for the year at $45.18.
Brent crude futures were up 66 cents, or 1.4 per cent, at $46.40, having hit a 2016 high of $47.05 earlier.
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