Oil hovers below $40 as doubts emerge over next step on OPEC cuts

NEW YORK (Reuters) - Oil pulled back slightly on Wednesday after briefly jumping above $40 a barrel, the highest since March, retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.Oil prices were also were pressured as U.S. refined product inventories surged in the week, raising concerns about demand. [EIA/S]"As product demand remains subdued, gasoline inventories showed a solid build, while distillates..