India, May 21 -- Crude oil futures moved sharply higher in overnight trading but came under pressure over the course of the trading day on Wednesday.
After surging to a higher of $64.19 a barrel, crude for July delivery slid $0.46 to 0.7 percent to end U.S. trading at $61.57 a barrel.
The downturn by the price of crude oil came after a report released by the Energy Information Administration showed crude oil inventories in the U.S. unexpectedly increased in the week ended May 16th.
The EIA said crude oil inventories rose by 1.3 million barrels last week after jumping by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to fall by 1.9 million barrels.
Nonetheless, crude oil inventories remain about 6...