Investing.com - Crude oil prices fell in Asia Wednesday as industry data on U.S. crude stocks failed to lift sentiment.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the same week showed a 1.5 million-barrel increase in crude supplies, according to industry sources.
Analysts expect the U.S. Energy Information Administration to report that supplies fell by 1.87 million barrels in the week ended June 6.
U.S. oil supplies stood at 389.5 million barrels in the week ended May 30, the lowest level in nearly two months but still near the record high of 399.4 reached in the week ended April 25.
Overnight, crude futures moved lower as investors jumped to the sidelines to await the release of industry and official weekly stockpile reports.
On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in July traded at $104.32 a barrel, down 0.03%, after hitting an overnight session low of $104.04 a barrel and a high of $105.05 a barrel.
Brent oil on the ICE futures exchange fell 0.4% to $109.52 a barrel.
Profit taking sent oil prices falling on Tuesday, after investors locked in gains from upbeat U.S. and Chinese data and sold and headed for the sidelines to await fresh steering currents, namely weekly U.S. supply reports.
The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 1.5 million barrels in the week ended June 6.
Oil traders were also looking ahead to Wednesday’s meeting of the Organization of Petroleum Exporting Countries in Vienna, amid expectations the organization will maintain its production quota at 30 million.
The 12-member group is responsible for approximately 40% of global supply.
Tuesday''s caution wiped out gains stemming from solid U.S. and Chinese economic indicators.