Petroleum futures were down late Wednesday morning, despite a bullish government report that showed a large drop in crude oil stocks and higher gasoline and distillate demand in the week ended Friday.

Crude futures were lower and Julius Baer said the geopolitical risk premium that is keeping oil prices elevated will likely last weeks rather than months.

WTI crude oil (CLN25) today is down -1.06 (-1.42%), and July RBOB gasoline (RBN25) is down -0.0054 (-0.24%). Crude oil prices ...