Investing.com – Crude oil prices slipped lower on Wednesday, as news of a rise in U.S. stockpiles dented optimism surrounding global efforts to limit output.
The U.S. West Texas Intermediate April contract was down 28 cents or about 0.44% at $62.73 a barrel by 03:40 a.m. ET (07:40 GMT).
Elsewhere, for April delivery on the ICE Futures Exchange in London fell 22 cents or about 0.33% at $66.31 a barrel.
Oil prices weakened after the American Petroleum Institute reported late Tuesday that crude inventories rose by in the week ending Feb.23, albeit less than the expected increase of 2.7 million barrels.
Market participants were now looking ahead to official data by the U.S. Energy Information Administration, due later Wednesday.
Fears that rising U.S. output could dampen global efforts to rid the market of excess supplies have systematically limited oil prices’ gains recently.
The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
Elsewhere, were down 0.10% at $1.977 a gallon, while dropped 0.48% to $2.670 per million British thermal units.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
