Oil prices fell on Wednesday as industry data signaled an increase in U.S. crude stockpiles, but strong refining margins helped limit losses.
Brent crude declined 52 cents (0.7%) to $76.48 per barrel by 0747 GMT, while West Texas Intermediate (WTI) dropped 54 cents (0.5%) to $72.78 per barrel.
The decline follows three consecutive sessions of gains, during which Brent rose 3.6% and WTI gained 3.7%. Market focus now shifts to U.S. consumer price index (CPI) data with expectations of core inflation slowing to 3.1% annually while the headline rate remains at 2.9%.
A stable CPI outlook could mean steady interest rates and little change in oil demand forecasts.
Meanwhile, gasoline inventories fell by 2.51 million barrels, and distillate stocks dropped by 590,000 barrels. Official Energy Information Administration (EIA) data is due later on Wednesday.
The EIA revised its U.S. crude production estimate upward, now forecasting 13.59 million barrels per day (bpd) in 2025, up from 13.55 million bpd. Despite supply concerns, strong refining margins helped limit price losses.
Singapore’s complex refining margins recovered from January losses, averaging $3 per barrel or more over the past week, according to LSEG pricing data.
