Investing.com – Oil prices were lower on Wednesday as supplies in the U.S. rose, while expectations that voluntary production cuts led by the producer cartel OPEC could be loosened were also cited as headwind.
Crude Oil WTI Futures for July delivery were trading at $65.98 a barrel at 12:41AM ET (04:41 GMT), down 0.57%. Brent Oil Futures for August delivery, traded in London, were also down 0.34% at $75.62 per barrel.
Meanwhile, Shanghai Crude Oil WTI Futures for September delivery were down 0.8% at 465.50 yuan per barrel on Wednesday.
The American Petroleum Institute (API) reported on Tuesday that crude oil inventories jumped 830,000 barrels last week to 433.7 million, as U.S. crude production surged 28% in the last two years to a record 10.8 million barrels per day.
Output in Russia, another top producer, also rose above 11 million barrels per day, according to reports.
Looking ahead, the Energy Information Administration (EIA) Official is scheduled to publish U.S. production and inventory data later in the day.
Movements in oil markets were expected to remain limited as traders were reluctant to take on large new positions ahead of a meeting between producer cartel OPEC and some of its allies on June 22, as investors continued to fear OPEC could ease production curbs at its meeting to offset falling supplies in Venezuela and an expected drop in Iran oil exports as U.S. sanctions loom.
OPEC-member Iraq said last week that a production increase was not on the table as the market was stable and prices were good, despite reports that the U.S. government had asked Saudi Arabia and other OPEC members to increase oil output by around 1 million.