WASHINGTON (dpa-AFX) - Crude oil prices recorded mild gains on Wednesday despite lingering concerns about oversupply. Both Brent and WTI benchmarks are currently trading with losses of more than 17 percent over the past year and are set to record the largest decline in 5 years.
Data released by the American Petroleum Institute on Tuesday showed Crude Oil stocks increasing by 1.70 million barrels during the week ended December 26 as compared with an increase of 2.40 million barrels in the previous week.
Official data from the U.S. Energy Information Administration to be released on Wednesday morning is expected to show a decline of 2 million barrels during the period. Crude oil inventories in the U.S. had inched higher by 405 thousand barrels in the previous week.
Brent Oil Futures for March settlement is currently trading at $61.49, having gained 0.26 percent from the previous close of $61.33. The day's trading ranged between $61.07 and 61.63. The 52-week trading had ranged between $58.4 and $82.63.
Brent has however shed 0.50 percent over the past week and 1.5 percent over the past month. Year-to-date losses are at 17.6 percent. Brent oil is currently down more than 17 percent from the levels a year ago and down more than 28 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for February settlement also rallied 0.35 percent from the previous close of $57.95 to trade at $58.15. Prices ranged between a high of $58.25 and a low of $57.70 in the day's trading. Trading has ranged between $54.98 and $80.59 over the past 52 weeks.
With weekly losses of 0.39 percent, losses over the past month have increased to 0.89 percent. Year-to-date losses are a little more than 18 percent. Prices are currently 17.5 percent below the levels a year ago and close to 27.6 percent below the levels three years ago.
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