West Texas Intermediate crude oil futures were ebbing and flowing on Wednesday in advance of U.S. Energy Department data that will note the status of supplies in the world's largest consumer of the energy commodity, Bloomberg reports.
Another factor that is projected to impact the performance of crude oil prices during the midweek trade session is the commentary of chairman Ben Bernanke with the U.S. Federal Reserve. Hanging in the balance is the plan for the Fed's economy-spurring monetary stimulus program.
"We need to see a pretty sizable draw to get the rally started up again," analyst and broker Gene McGillian with Tradition Energy in Stamford, Connecticut, told the news source on Wednesday. "The big fear in the market is that the Fed pulls back on its stimulus."
At 9:48 a.m. on Wednesday, WTI crude oil futures dropped 0.25 percent, a 27-cent loss to $105.73 per barrel. Brent crude oil prices rose 0.28 percent, a 31-cent lift to $109.40 per barrel.
Reuters reports the Fed chief is set to deliver two days of congressional testimony and some investors are apprehensive about devoting resources to the energy commodity.
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