New York — Oil prices were little changed on Wednesday ahead of the release of US weekly petroleum inventory and production data. Brent futures were up 1c at $69.16 a barrel by 3.59pm GMT, while US West Texas Intermediate (WTI) crude was up 4c at $63.77 per barrel. Both contracts climbed to their highest levels since December 2014 this week with Brent reaching $70.37 on Monday and WTI up to $64.89 on Tuesday. "Movements in oil prices have been muted in today’s session as market participants look ahead to the upcoming oil inventory report from the US," said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London. US crude inventories were seen falling for a ninth straight week along with a probable fall in distillate stockpiles during the week ended January 12, according to a preliminary Reuters poll of analysts. The American Petroleum Institute (API) report has been delayed by a day to Wednesday at 9.30pm GMT, and the US Energy Information Administr...
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