Oil eases after 4-day gain, U.S. inventories weigh
SINGAPORE, Jan 25 (Reuters) – Oil edged lower on Wednesday, snapping four sessions of gains as an increase in U.S. inventories weighed on the market, offsetting bullish momentum from production cuts announced by OPEC and other producers.
U.S. West Texas Intermediate (WTI) crude futures had fallen 19 cents, or 0.3 percent, to $52.99 a barrel by 0022 GMT. Brent crude, the international benchmark for oil prices, was yet to start trading.
Weekly inventory data from the American Petroleum Institute showed U.S. crude, gasoline and diesel stocks all rose last week. The Energy Information Administration will report its data at 1530 GMT.
Oil prices have received support from plans by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to reduce output to boost prices.
Around 1.5 million barrels per day (bpd) has already been taken out of the market from about 1.8 million bpd agreed by oil majors starting on Jan. 1, energy ministers said on Sunday, as producers look to reduce oversupply.
Written by Naveen Thukral