Wednesday saw crude oil futures endure a fourth day of losses in five trading sessions though an industry-funded advocacy group noted inventories of the energy commodity have fallen, MarketWatch reports.
The weekly report of the American Petroleum Institute noted that supplies dove by 6.7 million barrels for the week ended April 12. The U.S. Energy Department's arm that tracks inventories is set to release its own data later this week.
"Fundamentally, we should be at these prices or maybe even a little bit lower," commodity fund manager Tariq Zahir with Tyche Capital Advisors told Bloomberg on Wednesday. "Prices should be trading around $85. We are seeing the dollar up and equities down, and that's definitely putting some pressure on crude."
At 11:01 a.m. on Wednesday, West Texas Intermediate crude oil futures dropped 1.42 percent, a $1.46 reduction to $87.46 per barrel. Brent crude oil futures fell 1.5 percent, a $1.72 loss to $98.42 per barrel.
Bloomberg reports the American Petroleum Institute's data is collected on a voluntary basis as opposed to the government's collection, which relies on mandatory reports filed with the Energy Information Administration.
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