Crude Oil Futures Mixed Before U.S. Inventory Report

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Oil futures rose in Asian trading on Wednesday but gains were limited and U.S. crude traded sideways in advance of the release of official weekly inventory figures later in the day. 

 

Brent crude (LCOc1) was up 18 cents at $46.84 a barrel at 0349 GMT. On Tuesday, the contract settled down 30 cents, or 0.6%, at $46.66 barrel. 

 

U.S. West Texas Intermediate (WTI) crude (CLc1) was up 4 cents at $44.69 a barrel, after initially trading higher then falling. It fell 59 cents, or 1.3 percent, to settle at $44.65 in the previous session. The front-month August contract will expire at the end of Wednesday's session. 

 

The dollar firmed in Asian trading on Wednesday, as strong U.S. data and rising expectations that the Bank of Japan will muster additional easing steps sent the dollar index to four-month highs. [FRX/] 

 

U.S. crude rose earlier after industry group the American Petroleum Institute reported crude stockpiles fell by 2.3 million barrels last week. That was just above a 2.1 million-barrels draw forecast in a Reuters poll. 

 

Diesel output last month fell 4.5 % from a year ago, while kerosene supply shot up 10.5 %, the bureau said. Liquefied petroleum gas, used mainly in cooking and sometimes for petrochemical feedstocks, rose 18.9 % and naphtha production, mainly used for petrochemicals, climbed 15.7 % from a year ago. 

 

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