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Oil lower ahead of official U.S. stockpile data

Published 17/08/2016, 12:22
Updated 17/08/2016, 12:22
© Reuters.

© Reuters.

Investing.com – Oil futures retreated Wednesday ahead of the release later in the session of official U.S. stockpile data.
U.S. crude was down 46 cents, or 0.99%, at $46.12 at 06:45 ET, while Brent crude shed 0.98% to $48.75.
American Petroleum Institute data Tuesday showed a surprising drop of one million barrels in U.S. crude stocks in the latest week.
However, gasoline inventories climbed by 2.2 million barrels well ahead of the end of the U.S. summer driving season.
Official Energy Information Administration (EIA) figures due Wednesday are expected to show a rise of 522,000 barrels in U.S. crude stocks.
The EIA is also expected to report a drop of 1.6 million barrels in gasoline stocks.
There is also a degree of scepticism about the likelihood of producers agreeing a freeze in output.
The dollar index was higher after hawkish comments Tuesday by Federal Reserve members on U.S. rate hikes.
A stronger dollar depresses demand for oil.

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