WASHINGTON (dpa-AFX) - Despite data showing a weekly drop in U.S. crude inventories, oil prices edged lower on Wednesday on lingering concerns about the outlook for near term energy demand due to global economic slowdown.
The drop in stockpiles was less than expected and this rendered oil prices weak.
West Texas Intermediate Crude oil futures for October ended down $0.45, or about 0.8%, at $55.68 a barrel.
On Tuesday, WTI crude oil futures for October ended marginally down at $56.13 a barrel.
September oil futures expired at $56.34 a barrel on Tuesday, gaining $0.13, or about 0.2%, for the session.
Crude oil prices moved higher earlier in the session on Wednesday after data from the American Petroleum Institute showed that U.S. crude oil stocks fell by 3.5 million barrels to 439.8 million in the week ended August 16.
Data released by Energy Information Administration today showed U.S. crude stockpiles dropped by 2.7 million barrels in the week ended August 16, after registering increases in the previous two weeks.
Gasoline inventories were up 300,000 barrels last week, while distillate stockpiles increased by 2.6 million barrels.
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