Futures Movers: Oil prices ease ahead of data that may show rising U.S. inventories

Oil prices pulled back slightly on Wednesday, as investors awaited fresh data on U.S. crude inventories, which was seen to have increased last week.

According to the American Petroleum Institute, U.S. crude supplies grew by 1.6 million barrels in the week ended July 14. If confirmed, it would be first increase after two weeks of decline.

But API projections weren’t all gloomy, as the firm also expects an over 5 million barrel drop in gasoline stockpiles and a 2.9 million barrel decline in distillates stocks. Gasoline demand in the U.S. usually rises during the summer driving season.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ7, -0.26% traded at $46.26 a barrel, down 30 cents, or 0.1% in the Globex electronic session.

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