MTECHTIPS;-Crude Oil Prices Still on the Downside Ahead of SupplyData

MTECHTIPS;-Crude Oil Prices Still on the Downside Ahead of Supply Data

MTECHTIPS-Crude oil prices remained lower on Wednesday, weighed by U.S. dollar strength and amid growing caution ahead of this week’s U.S. supply data. The U.S. West Texas Intermediate crude April contract was down 35 cents or about 0.55% at $61.45 a barrel by 10:00 a.m. ET (14:00 GMT). Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London fell 14 cents or about 0.21% to $65.11 a barrel. U.S. crude oil futures were boosted on Tuesday as a result of reduced flows from Canada’s Keystone pipeline, which has been operating below capacity since late last year due to a leak. Oil prices were also supported this week by potential supply disruptions in the Middle East after Israel’s Prime Minister Benjamin Chaitanya said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, following border incidents in Syria. However, traders became more cautious ahead of this week’s U.S. inventories reports. The American Petroleum Institute was set to publish its weekly report on U.S. oil supplies later Wednesday, while official data by the U.S. Energy Information Administration was expected on Thursday. The reports come out one day later than usual due to Monday’s President’s Day holiday

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