Oil Flirts with $50 as Inventories Build

Oil fell to a seven-week low near $50 on Wednesday, after the U.S. government reported a ninth straight weekly rise in crude inventories and a build in gasoline stocks ahead of summer.

U.S. crude oil futures settled down $1.64 to $50.22 a barrel, deepening Tuesday’s 3 percent decline and hitting the lowest level since Feb. 22. London Brent was down $1.43 at $50.48.