Black gold lost upward momentum on Wednesday after private oil survey data once again showed a significant increase in U.S. crude oil supplies last week.
The American Petroleum Institute (API) estimated an increase of 12.79 million barrels last week, after an increase of 7.35 million barrels the previous week. Supplies in Cushing, Oklahoma reportedly increased, while gasoline inventories declined by about 8.5 million barrels and distillery stocks fell by 4.8 million barrels.
Meanwhile, the government's official Energy Information Administration (EIA) inventory report, which will be published tonight, is expected to show an increase in US crude oil supplies of 816,000 barrels last week.
In the Asian session, Brent crude futures traded lower at $ 66.96 a barrel, while US WTI was down $ 63.53 a barrel.
Even with the improvement recorded by the API, the outlook for oil prices remains positive amid expectations that major oil producers will continue to adopt tight oil market strategies.
Oil prices have garnered support from the OPEC+ decision which agreed to continue with its commitment to maintain current production cuts until April.
