Oil futures fell moderately by midday Wednesday after the latest U.S. data showed a build in crude inventories last week, while further losses were limited due to tensions between Israel and Iran.
At 11:50 a.m. ET, September NYMEX West Texas Intermediate crude futures fell 75cts to $77.60/bbl and October WTI was off by 45cts to $76.35/bbl.
London-based ICE Brent crude for October delivery dropped 30cts to $80.40/bbl and November Brent was down by the same amount to $79.65/bbl.
The oil benchmarks are on track to fall for a second session after they posted a five-session increase.
September-delivered NYMEX RBOB was 2.65cts lower to $2.349/gal and October RBOB slipped 2.35cts to $2.18/gal. September ULSD edged down 0.9ct to $2.38/gal and October ULSD fell 1.2ct to $2.399/gal.
The market digested the latest data from the Energy Information Administration, which estimated domestic oil holdings rose by 1.4 million bbl for the week ended Friday. Gasoline stocks declined by 2.9 million bbl and distillate inventories were down by 1.7 million bbl, the agency said.
Earlier Wednesday, U.S. government data showed the Consumer Price Index rose 2.9% in the past 12 months through July, which was below economists' expectations. Tamer inflation data should increase the chance of an interest-rate cut by the Federal Reserve as early as September.
Market participants closely monitored developments in the Gaza war. Last month, Iran had vowed to retaliate after the killing of a Hamas leader. Wider military conflicts in the Middle East could reduce crude oil supply and send petroleum prices rallying.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
08-14-24 1235ET
