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Oil off 1% after surprise jump in U.S. crude stocks

Published 14/12/2016, 13:44
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Investing.com - Oil was lower Wednesday after an unexpected jump in U.S. crude stocks.
U.S. crude fell 77 cents, or 1.45%, to $52.21 at 07:45 ET. Brent crude shed 1.36% to $54.96.
American Petroleum Institute industry data showed a jump of 4.7 million barrels in U.S. crude inventories in the latest week.
Official Energy Information Administration inventories figures due out later Wednesday are forecast to show a fall of about 1.5 million barrels.
Investors are looking to see how producers comply with agreed cuts in output of 1.8 million barrels a day.
The International Energy Agency Tuesday predicted if the cuts are fully implemented there could be a supply deficit of 600,000 barrels a day in the first half of next year.
The dollar index fell below the 101 mark ahead of the FOMC meeting. A weaker dollar underpins demand for oil. 

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