The American Petroleum Institute indicated on Tuesday that supplies dropped by 1.38 million barrels last week. The International Energy Agency slashed this year's global demand projection by 60,000 barrels per day to 90.6 million, yet the IEA also noted daily generation by the Organization of Petroleum Exporting Countries advanced by 150,000 barrels per day last month.
"WTI is up today because of the API reported an unexpected inventory drop," market research director Addison Armstrong with Tradition Energy in Connecticut told Bloomberg on Wednesday. "WTI is up for a fifth straight day, which is usually the outer limit for a string of gains. If today's report comes out as most people expect we should see prices retreat."
At 11:52 a.m. on Wednesday, West Texas Intermediate crude oil futures rose 0.25 percent, a 24-cent gain to $92.81 per barrel. Brent crude oil prices fell 0.71 percent, a 75-cent drop to $108.85 per barrel.
The Associated Press reports inventories gained last week in the U.S., which is the globe's largest consumer of the energy commodity.
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