West Texas Intermediate crude oil futures on Wednesday were diving after the U.S. Energy Department noted that inventories of the energy commodity strengthened last week, Bloomberg reports.
The energy commodity is likely to be impacted by the words of Chairman Ben Bernanke with the U.S. Federal Reserve, who is slated to speak Wednesday afternoon once the Federal Open Market Committee adjourns. Speculation is mounting regarding the status of economy-spurring stimulus programs. Stockpiles increased by 313,000 barrels, data released by the Energy Information Administration states.
"We are very well supplied," chief executive officer David McAlvany with McAlvany Financial Group in Durango, Colorado, told Bloomberg on Wednesday. "Prices should arguably be lower."
At 11:12 a.m. on Wednesday, WTI crude oil futures dropped 0.21 percent, a 21-cent slip to $98.23 per barrel. Brent crude oil prices edged down 0.07 percent, a 7-cent dip to $105.95 per barrel.
Economists and analysts polled by The Wall Street Journal forecast inventories of the energy commodity fell by 400,000 barrels last week. But the addition of 300,000 barrels pushed inventories to 394.1 million barrels for week ended June 14.
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