Investing.com - Crude oil prices pulled near even in early Asian trade on Wednesday after U.S. industry data showed a sharp drop in crude oil stocks.
The American Petroleum Institute, an industry group, said late Tuesday that its own data for the same week showed a surprise 4.4-million-barrel decline in crude stocks. The group also said that gasoline supplies rose by 60,000 barrels and distillate stocks gained by 547,000 barrels.
Later Wednesday, the U.S. Department of Energy is expected to announce a 1.471 million barrel drop in crude stocks for last week.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded at $100.95 a barrel, down 0.02%, after hitting an overnight session low of $100.38 a barrel and a high of $101.82 a barrel.
Brent oil on the ICE futures exchange rose 0.1% to $107.72 a barrel.
Also aiding crude was news that CVR Refining LP shut down its 115,000-barrel-a-day refinery in Coffeyville, Kansas., after a fire Tuesday morning that injured four employees, according to a company statement.
Despite concerns that conflict in Ukraine and across the Middle East may disrupt supply, shipments have continued to flow normally, with sentiments that the U.S. is brimming with crude oil often overshadowing upbeat U.S. data.
The Conference Board reported earlier that its consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007, defying consensus forecasts for a decline to 85.3.
Investors were also keeping an eye on the release of July's nonfarm payrolls report due for release on Friday as well as revised second-quarter U.S. growth data on Wednesday.
A more robust U.S. economy should demand more fuel and energy though slackness in the housing market dampened spirits on this week.
Earlier Tuesday, The 20-city S&P/Case Shiller Home Price Index composite index for May grew 9.3% year-over-year, down from April's 10.8% reading, though the 10-city index grew 9.4%, down from April's 10.9%.