West Texas Intermediate futures edged up near US$96 a barrel after closing 1.8 per cent lower in the previous session. The American Petroleum Institute reported crude stockpiles fell by 4.04 million barrels last week, according to people familiar with the figures. If confirmed by the Energy Information Administration later Wednesday, it would be the largest draw since the end of May.
Prices gained after API data showed a decline in crude, gasoline and diesel inventories, said Stephen Brennock an analyst at brokerage at PVM Oil Associates. “Coupled with the Fed decision on interest rates, today is sure to be a heavy US-centric session.”
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