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MTECHTIPS:- WTI oil futures slip ahead of inventory data

MTECHTIPS:- WTI oil futures slip ahead of inventory data

West Texas Intermediate oil futures inched lower on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a faster pace than expected last week. Crude oil for delivery in November on the New York Mercantile Exchange shed 11 cents, or 0.24%, to trade at $45.12 a barrel during European morning hours. A day earlier, Nymex oil prices rallied 80 cents, or 1.8%, amid indications U.S. oil drillers are cutting back on production following a collapse in prices over the summer. The U.S. Energy Information Administration was to release its weekly report on oil supplies at 11:00AM Eastern time Wednesday. The data was expected to show that crude stockpiles rose by 0.1 million barrels last week, while gasoline stockpiles were forecast to decline by 0.1 million barrels. After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories rose by 4.6 million barrels in the week ended September 25. U.S. oil futures are on track for a 25% drop in the third quarter as ongoing worries over the health of the global economy fueled concerns that a global supply glut may stick around for longer than anticipated.

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