A private report noting supplies of refined products advanced dragged down West Texas Intermediate crude oil prices on Wednesday, according to Bloomberg.
The American Petroleum Institute data noted on Tuesday that inventories of gasoline stockpiles rose 6.27 million barrels last week while distillate fuels surged by 1.18 million barrels. The Energy Information Administration, an arm of the U.S. Department of Energy, is slated to release its supplies data on Wednesday.
"Demand has started to surprise to the upside in the U.S. and Europe, hence we've seen a few short-covering rallies," chief oil market strategist Amrita Sen with consultancy Energy Aspects Ltd. in London told the news source on Wednesday.
At 10:01 a.m. on Wednesday, WTI crude oil futures dropped 0.48 percent, a 47-cent loss to $98.04 per barrel. At 10:02 a.m., Brent crude oil futures slipped 0.5 percent, a 55-cent fall to $108.83 per barrel.
Reuters reports the International Energy Agency on Wednesday updated projections for the growth of global oil demand, noting that the second quarter in the globe's most industrialized nations expanded. That followed eight-straight quarters of contraction, the news source reports.
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