Zainab
crude oil inventories in the week to May 19 reported by the Energy Information Administration on Wednesday.
U.S.
West Texas Intermediate crude oil dipped by 51 cents, or 0.7 to 73.83 a barrel.
I dont think that there will be any new steps, because just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries Izvestia newspaper quoted Novak as saying.
On Wednesday, oil prices were aided by a warning from Saudi Arabiasenergy minister that shortsellers betting oil prices will fall should watch out for pain.
Some energy investors took that as a sign that the cartel could consider further production cuts at its meeting scheduled for June 4.
The obvious reading is that the Kingdom may either unilaterally cut oil production or orchestrate a wider OPEC reduction thereby supporting prices and stinging speculators that are shorting oil, analysts at bank MUFG said.
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A check by Investors King also showed that the ongoing uncertainty surrounding U.S.
Analysts had expected an 800,000barrel rise.
Gasoline inventories dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles fell by 600,000 barrels to 105.7 million barrels.