Crude oil prices were flat Wednesday morning ahead of closely watched U.S. inventories data.
U.S. crude oil for November was up 4 cents at 46.75 a barrel on the Comex. Prices are down 6 percent from recent highs seen last week.
Industry watcher the American Petroleum Institute is out with its weekly inventories report this afternoon.
Analysts are keen to see whether stockpiles are dwindling as low crude prices provide little incentive for U.S. producers to keep pumping.
The Energy Information Administration (EIA) releases its weekly petroleum status report at around 10 am ET tomorrow.
Crude production in major US shale basins will fall by 93,000 b/d to 5.12mn b/d from October to November, the biggest monthly drop on record, the agency said yesterday.
The material has been provided by InstaForex Company – www.instaforex.com