Investing.com - Oil futures fell during Wednesday’s Asian session following the release of weekly inventory data from the American Petroleum Institute.
On the New York Mercantile Exchange, light, sweet crude futures for July delivery fell 0.53% to USD95.68 per barrel in Asian trading Wednesday after settling down 0.57% at USD96.38 a barrel on Tuesday in the U.S.
In a report, the American Petroleum Institute said that U.S. oil inventories rose by 532,000 barrels last week. Gasoline inventories surged 3 million barrels while distillate inventories climbed by 459,000. The U.S. Energy Information Administration releases the more widely followed weekly inventories report later Wednesday.
Analysts expected a drawdown of 1.2 million barrels of oil, a decline of 200,000 barrels in gasoline inventories and a 1.1 million-barrel increase in distillates.
Although the Federal Reserve has been attempting to quash speculation its close to winding down or ending its USD85 billion per month bond-buying program, the dollar gained steam Tuesday ahead of Fed Chairman Ben Bernanke's Wednesday testimony before Congress.
Federal Reserve governors have suggested in public recently that the U.S. central bank may begin to scale back stimulus tools this summer, causing uncertainty in markets, weighing on oil and other commodities along the way.
Elsewhere, it was reported that Iran rejected a guarantee from an Egyptian bank for payment for 4 million barrels of oil Egypt owes Iran. Iran is demanding USD1.2 billion in guaranteed account account in an international bank because of of deterioration in Egypt’s credit rating.
Meanwhile, Brent crude for July delivery fell 0.12% to USD103.53 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for July delivery fell 0.53% to USD95.68 per barrel in Asian trading Wednesday after settling down 0.57% at USD96.38 a barrel on Tuesday in the U.S.
In a report, the American Petroleum Institute said that U.S. oil inventories rose by 532,000 barrels last week. Gasoline inventories surged 3 million barrels while distillate inventories climbed by 459,000. The U.S. Energy Information Administration releases the more widely followed weekly inventories report later Wednesday.
Analysts expected a drawdown of 1.2 million barrels of oil, a decline of 200,000 barrels in gasoline inventories and a 1.1 million-barrel increase in distillates.
Although the Federal Reserve has been attempting to quash speculation its close to winding down or ending its USD85 billion per month bond-buying program, the dollar gained steam Tuesday ahead of Fed Chairman Ben Bernanke's Wednesday testimony before Congress.
Federal Reserve governors have suggested in public recently that the U.S. central bank may begin to scale back stimulus tools this summer, causing uncertainty in markets, weighing on oil and other commodities along the way.
Elsewhere, it was reported that Iran rejected a guarantee from an Egyptian bank for payment for 4 million barrels of oil Egypt owes Iran. Iran is demanding USD1.2 billion in guaranteed account account in an international bank because of of deterioration in Egypt’s credit rating.
Meanwhile, Brent crude for July delivery fell 0.12% to USD103.53 per barrel on the ICE Futures Exchange.