Oil prices erased earlier gains and traded lower on Wednesday morning, following an estimate by the International Energy Agency (IEA) that no supercycle for oil is around the corner amid plentiful supply and a large global spare capacity. Just after the weekly EIA inventory report showed a crude build of 2.4 million barrels for the week to March 12, WTI Crude prices were down by 1.11 percent at $64.03 as of 10:47 a.m. EDT, while Brent Crude traded down by 1.18 percent at $67.50. Both benchmarks reversed earlier gains, which were fueled by the surprise estimate of the American Petroleum Institute (API) on Tuesday of a draw in crude oil inventories of 1 million barrels for the week ending March 12. Oil prices turned lower after the IEA said on Wednesday in its Oil Market Report for March that it doesn’t see either a supercycle in oil or a […]