Crude futures prices fell Wednesday as investors position ahead of a weekly government report that is expected to show an increase in U.S. oil stockpiles. Light, sweet crude for March delivery recently traded 55 cents, or 0.6%, lower at $98.40 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 25 cents lower at $109.78 a barrel. The Energy Information Administration is expected to report that U.S. crude inventories rose by 700,000 barrels last week, according to a survey of analysts. Gasoline stocks are seen rising by 1.4 million barrels. Stocks of distillate, which include heating oil and diesel, are seen falling by 500,000 barrels. Traders are bracing for a steeper increase in oil inventories, however, after The American Petroleum Institute, an industry group, late Tuesday reported the results of its own survey, saying oil stockpiles last week rose 7.3 million barrels. The EIA report is due at 10:30 a.m. EST Wednesday.
EasyForexNews Research Team