Oil Prices Dip On Rising U.S. Supply, But Iran Sanctions Still Loom

One America News Network | 4/29/2013 | Staff
loranseen (Posted by) Level 3
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SINGAPORE (Reuters) – Oil prices dipped on Wednesday, weighed down by a report of rising U.S. crude inventories and an expected increase in production.

Despite this, prices remain near four-year highs reached earlier this week ahead of U.S. sanctions against Iran’s oil exports that kick in next month.

Crude - Oil - Futures - Barrel - GMT

Brent crude oil futures were trading at $84.73 per barrel at 0103 GMT, down 7 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 10 cents at $75.13 a barrel.

US - Crude - Inventories - Barrels - Week

U.S. commercial crude inventories rose by 907,000 barrels in the week to Sept. 28 to 400.9 million, the private American Petroleum Institute (API) said on Tuesday. Refinery crude runs fell by 158,000 barrels per day (bpd), API data showed.

Official weekly government data is due from the Energy Information Administration...
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