US inventory report looms as oil prices drop

Oil prices fell in trading today, Wednesday, amid expectations in the markets of the US Energy Information Administration’s report on crude oil inventories in the US.

And by 09:35 Moscow time, futures for American oil fell by 0.52% to $80.44 per barrel, and futures for Brent crude oil fell by 0.50% to $84.35 per barrel.

Yesterday, oil contracts in the US closed at $80.86 per barrel, while Brent oil closed at $84.77 per barrel.

Prices received support on Tuesday after sources cited by the American Petroleum Institute said U.S. crude inventories fell by about 2.68 million barrels in the week ended April 14.

The official report on black gold reserves is expected from the Energy Information Administration (official data) today, Wednesday.

Source: RT + Bloomberg