Reuters | Oil prices give up earlier gains; languish near 11-year lows Reuters "Crude oil oversupply is still in play; however the deficit between demand and supply is getting smaller," said Daniel Ang, an investment analyst at Phillip Futures, in a note on Wednesday. "Possible changes to global supply should come from the U.S ... US oil settles down 79 cents, or 2.15%, at $35.97 a barrel Saudi-Iranian rivalry will leave oil unscathed Saudi-Iranian Rift Will Roil Oil Markets, But Greatest Impact Will Be Long Term |