Oil declines ahead of EIA report on US crude stocks

Oil drilling rigs

Oil prices declined today, June 29, after rising for three consecutive sessions, as investors focused on the upcoming OPEC meeting and the US Energy Information Administration (EIA) report.

International benchmark Brent crude fell 0.26% to $117.67 per barrel, at 9:13 am Makkah time.

West Texas Intermediate (WTI) crude was down 0.19% to $111.55 a barrel.

The American Petroleum Institute estimates showed that crude oil stocks fell by 3.8 million barrels in the week ended June 24. Gasoline and distillate stocks rose by 2.9 million barrels and 2.6 million barrels, respectively.

The official report from the EIA is due later today, with expectations of a decline in inventories in the two weeks ending June 17 and 24. The release of last week's data was delayed due to technical issues.

Investors are also awaiting the OPEC meeting today to discuss its export agreements and target production levels in light of the crises in Libya and protests in Ecuador.