Oil prices edged lower on Wednesday, extending a three-day slide, as doubts about the effectiveness of Russia sanctions and a potential OPEC+ output increase put pressure on the market.
Brent crude futures were down 7 cents, or 0.11%, to $64.33 a barrel at 0411 GMT. U.S. West Texas Intermediate crude futures fell 7 cents, or 0.12%, to $60.08. U.S. crude, gasoline and distillate stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday.
Crude stocks fell by 4.02 million barrels for the week ended October 24, the sources said, requesting anonymity. Gasoline inventories dropped by 6.35 million barrels, while distillate inventories fell by 4.36 million barrels from a week earlier, the sources said.
The larger-than-expected draws triggered a short-term price surge during the last trading session and supported the market early this morning.
The surprise draws on inventory in the U.S. helped prices this morning, but the interplay of sanctions risks and OPEC+’s posture is driving markets, said Priyanka Sachdeva, senior market analyst at Phillip Nova. “That doesn’t mean the rally has unlimited upside.
