U.S. crude futures edged lower in early Asian trade on Wednesday as U.S. crude and distillate inventories rose more than expected, easing after steep gains in the previous session on talk of an OPEC production cut and news of lower output in Libya.
Front-month U.S. October crude shed 21 cents a barrel at $94.67 as of 0001 GMT after it settled $1.96 higher at $94.88 in the previous session. The October contract expires on Sept. 22. November Brent lost 13 cents a barrel at $98.92 after it settled $1.17 higher at $99.05.
Oil prices came under pressure as data from industry group the American Petroleum Institute showed on Tuesday that U.S. crude inventories rose by 3.3 million barrels in the week Sept. 12 to 362.4 million, compared with analysts’ expectations for a decrease of 1.6 million barrels.
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