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Brent crude futures slipped 18 cents, or 0.4%, to $48.66 a barrel by 0450 GMT before gaining 40 cents by 0730GMT to print $48.93, having gained 5 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures dropped 15 cents, or 0.3%, to $45.45, after shedding 16 cents on Tuesday.
API figures released last night at 2130GT show a crude build in stocks, after a sharp rise in other products too. Analysts had predicted a draw of 1.42 million barrels in crude, but figures released showed a build of 1.14 million barrels, with the EIA figures set to be released this afternoon. The figures provoked an air of caution within the market and have prompted the unwinding of long positions ahead of the EIA data according to analysts at Sunward trading. (Reuters)
The EIA said on Tuesday that U.S. crude oil production is expected to slide next year by 240,000 barrels per day (bpd) to 11.10 million bpd, a smaller decline than its previous forecast for a slide of 290,000 bpd. (Reuters)
The UAE’s biggest oil company, ADNOC, has told some buyers it will reduce shipments for January, Reuters has reported, citing sources in the know. The biggest cut will be in shipments of ADNOC’s flagship-grade, Murban. The company will also cut supplies of the Upper Zakum and Das grades by 15 percent, the sources said. (OilPrice.com)
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