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U.S. oil futures little changed ahead of weekly supply report

Published 08/27/2014, 03:08 AM
Updated 08/27/2014, 03:08 AM
U.S. oil futures hold steady ahead of weekly supply data

U.S. oil futures hold steady ahead of weekly supply data

Investing.com - West Texas Intermediate oil futures swung between small gains and losses on Wednesday, as investors awaited the release of weekly supply data out of the U.S. later in the session to gauge the strength of oil demand from the world’s largest consumer.

On the New York Mercantile Exchange, crude oil for delivery in October inched up 0.04%, or 4 cents, to trade at $93.90 a barrel during European morning hours.

Prices held in a narrow range between $93.75 and $93.96 a barrel. A day earlier, U.S. oil prices tacked on 0.55%, or 51 cents, to end at $93.86 a barrel. New York-traded oil prices fell to a seven-month low of $92.50 on August 21.

Futures were likely to find support at $92.50 a barrel, the low from August 21 and resistance at $94.45 a barrel, the high from August 21.

Wednesday’s government report was expected to show that U.S. crude oil stockpiles fell by 1.3 million barrels last week, while gasoline stockpiles were forecast to decrease by 1.1 million barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 1.3 million barrels in the week ended August 22, compared to expectations for a decline of 2.5 million barrels.

The report also showed that gasoline stockpiles decreased by 3.2 million barrels, while distillate stocks rose by 2.4 million barrels.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery rose 0.27%, or 28 cents, to trade at $102.78 a barrel.

London-traded Brent prices hit a 14-month low of $101.07 on August 19, as global supplies were seen as ample despite ongoing violence in Ukraine and the Middle East.

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