The organization of the petroleum exporting countries (OPEC) and non-OPEC oil producers (Russia) will meet on July 1-2.
Crude stands still ahead of EIA weekly report
On Wednesday, crude was mostly intact, amid speculation that weekly supply data to be released later in the day will demonstrate a jump in American crude as well as fuel supplies.
The US Energy Information Administration is braced for unveiling its official weekly crude supplies data for the week ending on January 19.
After on Tuesday crude markets closed, the American Petroleum Institute told that American inventories edged up by almost 4.8 million barrels the previous week. It turned to be the first leap for ten weeks, compared to experts’ hopes for a sag of approximately 1.0 million barrels.
Aside from that the API report also disclosed a jump of 4.1 million barrels in gasoline stocks. At the same time distillate stocks, include motor diesel as well as heating oil, went down by about 1.3 million barrels.
American West Texas Intermediate crude futures sagged 9 cents being worth $64.56. On January 16 the US benchmark reached its highest value since December 2014.
Brent crude futures slumped 13 cents hitting $69.83 a barrel, generally keeping to the January 15 three-year maximum of $70.37 a barrel.
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