Oil futures were little changed near the lowest level in more than a week, as traders awaited official data that may show US crude supply rose for the sixth week.
The Energy Information Administration (EIA)`s report, due to be released later in the day, may underpin yesterday`s losses in the oil markets, after WTI crude lost nearly 1% settling below $102 for the first time in five days. Analsyts` median forecast calls for 1.1 million-barrel rise in the US crude stockpiles in the week ending Feb. 21, which could mark six weeks of consecutive build ups, the longest in a year. As of 03:10 a.m. ET:
- WTI Crude for April Delivery traded flat around $101.90 a barrel
- Brent Crude traded flat around $109.56 a barrel
Data from the American Petroleum Institute (API) showed yesterday that supplies at the Cushing, Oklahoma, delivery point dropped by 1.1 million barrels, altough total inventories rose by 822 thousand barrels, below analyts` median forecast of 1.2 million.
The US economic recovery takes center stage again after some data, particularly from the housing market, fueled specualtion the world`s largest economy is losing momentum, particualy due toe severely cold weather.
Another increase in US crude supply could boost the selling pressure, but little changes are expected ahead of the EIA`s weekly release for more directions.