Oil prices were seen to drop slightly on Wednesday but still pointed toward a fifth consecutive quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.
Data released Wednesday by the U.S. Energy Information Administration showed crude inventories rose by 1.9 million barrels in the week to Sept. 21, compared with analyst expectations for a decrease of 1.3 million barrels.
The EIA data showed gasoline stocks rose by 1.5 million barrels, compared with analyst expectations in a poll for a 788,000-barrel gain. Distillate stockpiles, which include diesel and heating oil, fell by 2.2 million barrels, versus expectations for a 752,000-barrel increase.
Brent crude futures were down 49 cents at $81.38 U.S. a barrel mid-morning Wednesday, after gaining nearly 1% the previous session. Brent rose on Tuesday to its highest since November 2014 at $82.55 U.S. per barrel.
U.S. crude futures were down 49 cents at $71.79 U.S. a barrel, having climbed Tuesday to close at their highest level since July 11.
