U.S. Oil Prices Move Lower Ahead of Inventory Data
Wall St Journal
U.S. oil prices eased Wednesday ahead of weekly government storage data, after an industry group said that domestic oil stockpiles unexpectedly rose last week.
Analysts expect the U.S. Energy Information Administration to report a 1.2-million-barrel drawdown in oil supplies in the week ended Sept. 12, according to a Wall Street Journal survey. However, the American Petroleum Institute, an industry group, said late Tuesday that its own data for the same week showed a 3.3-million-barrel increase in supplies.
Light, sweet oil for October delivery recently traded down 29 cents, or 0.3%, at $94.59 a barrel on the New York Mercantile Exchange.
The U.S. benchmark "is weighed down by last night's weekly API report," said Matt Smith, commodity analyst at Schneider Electric SA, an energy-consulti
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