Oil Halts Decline As Focus Shifts To U.S. Supply Data
Crude prices were little changed in early action on Wednesday, halting their recent decline, as investors turned their attention to fresh data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT). Official data from the Energy Information Administration will be released Thursday, amid forecasts for an oil-stock gain of 2.2 million barrels.
Both reports come out one day later than usual because of the federal Memorial Day holiday on Monday.
U.S. West Texas Intermediate WTI crude was up 8 cents, or around 0.1%, at $66.81 a barrel at 4:10AM ET (0810GMT), after settling $1.15 lower on Tuesday.
Brent crude futures were down 2 cents at $75.47 a barrel, after settling up 9 cents in the last session.
Oil prices slid to their lowest levels in around six weeks on Tuesday amid expectations that Saudi Arabia and Russia would pump more oil to ease a potential shortfall in supply.
The two oil-producing nations recently discussed raising OPEC and non-OPEC oil output by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
OPEC is scheduled to hold its next meeting in Vienna on June 22.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have been curbing output by about 1.8 million barrels per day (bpd) to prop up oil prices and reduce high global oil stocks. The pact began in January 2017 and is set to expire at the end of 2018.