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Oil prices edged lower on Wednesday, giving back some of the previous session’s gains when concerns over Russian supply disruptions had pushed benchmarks more than 1% higher.
Brent crude slipped 8 cents, or 0.1%, to $68.39 a barrel at 7:30 a.m. WAT, while US West Texas Intermediate fell 6 cents, or 0.1%, to $64.46.
The earlier rally followed reports that Russia’s pipeline monopoly, Transneft, had warned producers they may need to cut output after Ukrainian drone attacks on export ports and refineries.
Attention now turns to the US Federal Reserve’s policy meeting, where officials are widely expected to cut interest rates by 25 basis points. Analysts say such a move could boost economic activity and support fuel demand.
In the United States, industry data showed crude and petrol inventories fell last week while distillate stocks rose. According to the American Petroleum Institute, crude stocks dropped by 3.42 million barrels, petrol inventories by 691,000 barrels, while distillates rose by 1.91 million barrels.
The Energy Information Administration will release official data later on Wednesday. A Reuters poll of analysts forecast a 900,000-barrel draw in crude stocks, a one million-barrel rise in distillates, and a 100,000-barrel rise in petrol inventories.
