Oil futures fell on Wednesday, after a surprise rise in U.S. inventories wiped out the optimism that had built up the day before over the potential for the world’s largest exporters to cut output enough to stem a 19-month-long price slide. Another contraction in industrial profits in top commodities consumer China, along with caution before the outcome of the U.S. Federal Reserve’s first policy meeting of the year, knocked around $1 off the price of oil. Oil prices bounced on Tuesday after senior OPEC and Russian officials stepped up vague talk of possible joint action to eliminate one of the largest surpluses in modern times. Brent crude LCOc1 fell 55 cents to $31.25 a barrel by 0924 GMT, having risen by some 3 percent on Tuesday. U.S. […]