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MTECHTIPS:-U.S. oil futures turn lower ahead of API supply data

MTECHTIPS:-U.S. oil futures turn lower ahead of API supply data

U.S. oil futures turned lower in choppy trade on Wednesday, as market players looked ahead to weekly data on U.S. stockpiles of crude and refined products later in the day.
Crude oil for delivery in October on the New York Mercantile Exchange shed 66 cents, or 1.44%, to trade at $45.28 a barrel during U.S. morning hours. A day earlier, Nymex oil futures dipped 11 cents, or 0.24%. Market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer. The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 0.1 million barrels in the week ended September 4. The reports come out one day later than usual due to Monday’s Labor Day holiday in the U.S. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery declined 62 cents, or 1.24%, to trade at $48.90 a barrel. On Tuesday, London-traded Brent futures soared $1.89, or 3.97%. Oil prices were higher during the Asian trading session as appetite for riskier assets improved amid hopes for more stimulus measures from China and Japan.
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