The energy commodity also lost value on Wednesday due to supply lines remaining strong despite ongoing strife between Ukraine and Russia. After electing a new prime minister this past weekend, Ukraine is stepping up military operations against pro-Russian separatists. The militants suffered sizable losses at a local airport following an operation by Ukraine security services.
The Energy Information Administration is scheduled to release economic data about stockpiles on Thursday, for which confidence is high that info about supplies provided by the accounting arm of the U.S. Department of Energy will show an increase in stockpiles of crude stockpiles.
"We struggle to justify sustained gains," states a Wednesday report authored by analyst Andrey Kryuchenkov with VTB Capital in London, according to Bloomberg. "Supply growth continues to outstrip a more modest rise in demand."
At 8:48 a.m. on Wednesday, West Texas Intermediate crude oil futures edged down 0.09 percent, a 9-cent slip to $104.02 per barrel. Brent crude oil futures also moderately fell 0.09 percent, a dime loss to $109.92 per barrel.
Ukraine elects new leader
Brent crude oil futures are set for a second consecutive month of gains as President-elect Petro Poroshenko said Ukraine will subdue rebels. Poroshenko won an election this past Sunday, filling the vacancy created by Ukraine nationals ousting the former leader in February.
Ukraine connects Russia and its supply of oil and natural gas with Europe.
The price of crude oil futures also was impacted by violence in another pivotal nation.
Libya struggles with protestors
Officials in oil-rich Libya are immersed in a struggle with protesters who have subdued a recently re-opened oil terminal. The North African nation is the smallest generating member country of the Organization of the Petroleum Exporting Countries.
Director of Measurement Ibrahim Al Awami with the Oil Ministry of Libya told reporters that protestors have increased the pitch of their demonstration.
The nation also ran into members of the Petroleum Facilities Guards abandoning assignments and joining the federalist rebel cause, aiding them by obstructing loadings as a method of protesting against a newly appointed prime minister.
U.S. supply data slated for Thursday release
As the globe's top consumer of the energy commodity, the U.S. is set to release stockpile data on Thursday morning.
Prospects are high that supplies climbed for week ended May 23, according to a survey administered by the news source. Merged with the ongoing conflict in Ukraine, the inventory data is a key factor that is drawing attention, one investment officer said.
"Investors have one eye on what's happening in Ukraine," chief investment officer Jonathan Barratt with Ayers Alliance Securities in Sydney told the media outlet on Wednesday. "If inventories decline again, the market will focus on it, regardless of ample supply."
Norway sees pact
Another region that is renowned for oil production is navigating through labor troubles.
Reuters reports oil rig workers and employers off the coast of Norway arrived at a pact on Wednesday that will help them maintain business as usual. The agreement comes about 24 months after 10 percent of offshore workers in Norway embarked on a 16-day strike that reduced oil production by 13 percent.
"We are pleased with the overall financial settlement," union head Leif Sande told the news source on Wednesday.
MarketWatch reports the energy commodity touched its top value in about 35 days during the Tuesday trade session.
As the Tuesday session closed, crude oil futures were dropping in value. But those losses were tempered by the strong performance of U.S. stocks.
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