Oil prices have struggled to escape from 8-month lows over the past few sessions, even with data from the American Petroleum Institute showing a bigger-than-expected decline in U.S. crude stocks for the week ending June 16.
The API data, which also showed a build-up in gasoline inventories as Americans head into the peak of the summer driving season, has raised further questions about the resilience of fuel demand and the changing nature of consumer habits in an online world.
West Texas Intermediate crude futures for August delivery, the new benchmark contract, was marked 0.20% lower at $43.42 while Brent contracts for the same month were seen at $45.87, 0.32% down from Tuesday's New York closing price
Oil majors are likely to struggle in early European trading, and that is expected to hold down gains for the FTSE 100, which is expected to open around 20 points lower by financial bookmakers IG.
This article was written by a staff member of TheStreet.