U.S. crude oil futures ended slightly lower on Wednesday on economic worries after the minutes of the most recent meeting of Federal Reserve showed it should be ready to weigh additional steps to boost the U.S. economy if the outlook takes a noticeable turn for the worse.
IN FOCUS
- Japan's crude oil stockpiles were essentially unchanged last week, according to industry data, even as refinery throughput rose above 70 percent, suggesting a pick-up in petroleum imports.
- Indonesia crude oil shipments for loading in July will total 24.46 million barrels (789,006 barrels per day), based on data gathered from trade sources.
- Iraq will supply crude to one main Asian term buyer at full contracted volumes for August, compared with more than 10 percent cut for July, a trade source said on Wednesday.
- The number of rigs drilling for natural gas in the United States rose by four this week to 964, according to a report on Friday by oil services firm Baker Hughes in Houston.
- BP Plc on Wednesday started a crucial test on its ruptured oil well in the Gulf of Mexico that it hopes will lead to halting the flow of crude that has polluted the sea and shoreline since April.
- U.S. crude oil inventories fell last week as crude imports declined and refinery demand rose, according to U.S. Energy Information Administration data released Wednesday. Commercial crude stocks fell 5.06 million barrels to 353.1 million barrels in the week to July 9, EIA said. Analysts polled by Reuters had projected a 1.4-million-barrel draw.
FUNDAMENTAL OUTLOOK
Crude oil is trading sideways to down on NYMEX today. Crude oil may remain under pressure today on the back of concerns about the pace of the US economic recovery. Selling on rise should be the investor's strategy today.
