MTECHTIPS WTI oil trades near 1-week low ahead of U.S. supply report

MTECHTIPS:-WTI oil trades near 1-week low ahead of U.S. supply report

West Texas Intermediate oil futures wavered near a one-week low on Thursday, as investors awaited the release of weekly supply data out of the U.S. later in the session to gauge the strength of oil demand from the world’s largest consumer.On the New York Mercantile Exchange, U.S. crude oil for delivery in July eased up 0.09%, or 10 cents, to trade at $102.82 a barrel during European morning hours. Nymex oil held in a range between $102.69 and $103.10 a barrel. U.S. oil futures fell to $102.64 on Wednesday, the lowest since May 20, before settling at $102.72, down 1.34%, or $1.39. New York-traded oil futures were likely to find support at $101.69 a barrel, the low from May 20 and resistance at $104.39 a barrel, the high from May 28. Thursday’s government report was expected to show that U.S. crude oil stockpiles rose by 500,000 barrels last week, while distillate stockpiles, including heating oil and diesel, was expected to increase by 750,000 barrels. The report comes out one day later than usual due to the Memorial Day holiday in the U.S. on Monday. After markets closed Wednesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 3.5 million barrels in the week ended May 23, compared to expectations for an increase of 1 million barrels. The report also showed that distillate stocks increased by 0.9 million barrels, while gasoline stockpiles declined by 1.5 million barrels. Market players also looked ahead to the release of revised U.S. first quarter growth data due later in the session.

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