US oil settles at $53.83 a barrel, down 18 cents after crude stocks build to record high

CNBC ----- Oil prices were largely steady on Wednesday, paring gains and briefly turning negative, after crude inventories in the United States rose to a record high. U.S. crude stockpiles rose 1.5 million barrels last week, less than forecast, but touching a record high at 520.2 million barrels after eight straight weekly builds. The consecutive increases have fueled worries that demand growth may not be sufficient to soak up the global oil glut despite a deal by major oil producers to cut output during the first half of the year. Despite the reaction to the data, oil remained locked within a tight trading range. Rising U.S. production has tempered expectations that the market will rebalance as evidence emerges that OPEC producers are complying with an agreement to cut production. To learn more click on the picture below to read the article.