Investing.com - West Texas Intermediate oil futures fell to a one-week low on Wednesday, as market players readjusted positions ahead of the release of key U.S. weekly supply data later in the session.
On the New York Mercantile Exchange, U.S. crude oil for delivery in July fell to a daily low of $103.43 a barrel, the weakest level since May 21, before trimming losses to last trade at $103.58 during U.S. morning hours, down 0.51%, or 53 cents.
U.S. oil futures ended Tuesday’s session down 0.23%, or 24 cents to settle at $104.11 a barrel.
New York-traded oil futures were likely to find support at $102.78 a barrel, the low from May 21 and resistance at $104.50 a barrel, the high from May 27.
The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 0.7 million barrels in the week ended May 23.
The report comes out one day later than usual due to the Memorial Day holiday in the U.S. on Monday.
Nymex oil prices have been well-supported in recent weeks amid indications the U.S. economy is shaking off the effects of a weather-related slowdown over the winter.
Data released Tuesday showed that U.S. durable goods orders rose unexpectedly in April, while another report showed that U.S. consumer confidence improved in line with forecasts this month.
The Commerce Department said orders for long lasting manufactured goods rose 0.8%, compared to expectations of a 0.7% decline.
Separately, the Conference Board reported that its consumer conference index rose to 83 in May, up from a revised 81.7 in April, in line with economists’ expectations.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery shed 0.41%, or 46 cents, to trade at $109.57 a barrel, while the spread between the Brent and U.S. crude contracts stood at $5.99 a barrel.