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Oil prices edged lower on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.
The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended June 8 at 10:30AM ET (1430GMT), amid forecasts for an oil-stock drop of 1.4 million barrels.
Analysts also forecast a gain of 443,000 barrels for gasoline stockpiles, while distillate inventories are expected to rise by 200,000 barrels.
The data will also offer fresh indications on how fast domestic output levels continue to rise. U.S. crude production – driven by shale extraction – is currently at an all-time high of 10.8 million barrels per day (bpd).
After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories increased by 833,000 barrels last week.
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