Oil prices edge lower ahead of US stockpiles data

Oil drilling rigs

Oil prices reversed their positive trend and turned lower on Wednesday, ahead of Energy Information Administration’s (EIA) report on US crude stockpiles.

Brent crude was trading down 0.4% at $82.24 per barrel, at 2.06 pm Makkah time. The benchmark grade hit the highest level in three years during yesterday’s session.

WTI crude fell 0.4% to $78.59 per barrel, after exceeding $79 – the highest since Nov. 10, 2014 – earlier in the session.

US oil inventories rose by 951,000 barrels in the week to Oct. 1, according to American Petroleum Institute data.

The official data from US Energy Information Administration (EIA) is expected later today.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Oct. 4 to maintain an existing pact to increase oil output by 400,000 barrels per day (bpd) in November.