Crude Oil Steady After API Inventories Report

Crude oil futures were slightly lower Wednesday morning after industry data showed a relatively small draw down in U.S. crude oil inventories.

The American Petroleum Institute (API) reported a weekly draw of 1.562 million barrels in United States crude oil inventories, against an S&P Platts’ survey of analysts that expected inventories would dwindle by 2.7 million barrels.

Gasoline inventories were up 520,000 barrels.

The Energy Information Administration is out with official numbers this morning at 10:30 am ET.

WTI light sweet crude oil was down 15 cents at $57.05 a barrel, staying near its highest in two years.

The material has been provided by InstaForex Company – www.instaforex.com

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