Oil prices under pressure

Crude oil prices remained under pressure on Wednesday, although they were still hovering within close distance of recent multi-year highs, as investors remained cautious ahead of the weekly United States’ supply report due on Thursday.

The US West Texas Intermediate crude February contract was down 15 cents or about 0.27 per cent at $63.56 a barrel by 10:00 a.m. ET (14:00 GMT), close to the previous session’s three-year peak of $64.89.

Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London lost 21 cents or about 0.30 per cent to $68.93 a barrel, not far from Monday’s three-year peak of $70.37, according to The Oil and Gas Year.

The American Petroleum Institute was set to release its weekly report at 4:30 p.m. ET (21:30 GMT).

Official data from the Energy Information Administration will be released Thursday, amid forecasts for an oil-stock drop of around 3.6 million barrels, which would mark the ninth-straight fall.

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