US crude settles at $53.59, down 1.4%, on worries of swelling US stockpiles
Oil prices fell about 1.5 percent on Wednesday on expectations of another surge in U.S. inventories, but they traded close to multi-week highs after OPEC signaled optimism over its deal with other producers to curb output.
Analysts polled ahead of weekly inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy’s Energy Information Administration (EIA) estimated, on average, that crude stocks increased by about 3.3 million barrels last week, its seventh weekly build.
The API is scheduled to release its data at 4:30 p.m. EST (2130 GMT), while EIA data is due at 11 a.m. EST on Thursday, both delayed a day because of the federal holiday on Monday.
The U.S. West Texas Intermediate April crude contract settled 74 cents, or 1.4 percent, lower at $53.59 a barrel. The March contract expired on Tuesday.
Brent crude was down 90 cents, or 1.6 percent, at $55.76 at 2:33 p.m. ET (1933 GMT).
Published by CNBC by Reuters