Crude Oil futures ended a two day rally Wednesday as government data showed weak Oil demand. The report showed U.S. crude supplies rose 2.32 million barrels to 329 million last week. Light, sweet crude for March delivery settled 25 cents, or 0.3%, lower at $76.98 a barrel on the New York Mercantile Exchange Wednesday.
Demand seems to remain low, despite months of slow improvement in economic conditions. Prices also declined as the Dollar gained against the EUR after a report showed U.S. companies cut fewer jobs. A stronger Dollar reduces the appeal of commodities as an alternative investment.
Oil's movements for the rest of the week will likely be determined by the Data released from the U.S and Euro-Zone, mainly the Non Farm Employment Data, due to be released Friday.