Oil prices fell mid-morning Wednesday after industry data showed a surprise drop in U.S. crude inventories, as weak economic readings in the United States depressed global markets.
Brent crude futures, an international benchmark for oil prices, were down 93 cents at $57.91 U.S. a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 85 cents to $52.77 a barrel.
Prices obtained some support from American Petroleum Institute data, showing U.S. crude stocks falling last week by 5.9 million barrels, against expectations for an increase of 1.6 million barrels.
Figures released Wednesday by the Energy Information Administration revealed U.S. crude inventories increased by 3.1 million barrels from the previous week.
Internationally, Russian President Vladimir Putin said Russia would continue to be a responsible player in the alliance between the Organization of the Petroleum Exporting Countries and non-OPEC oil-producing nations, known as OPEC+.
Speaking at an energy forum in Moscow attended by the Saudi and Iranian energy ministers, Putin said it was important to use all available tools to balance the energy markets.
Iran’s Oil Minister Bijan Zanganeh said he expected a slight surplus on the oil supply side next year.
