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US crude below $74 ahead of EIA inventory data
US crude futures remained below $74 a barrel in American trade on Wednesday on track for the first loss in four days, ahead of the Energy Information Administration's report on US crude stocks and output.
As of 13:04 GMT, US crude was down to $73.36 a barrel from the opening of $74.21, with a session-high at $74.25, and a low at $73.13.
US crude closed up 0.2% yesterday, the third daily loss in a row.
The American Petroleum Institute reported a drop of 6.8 million barrels in US crude stocks in the week ending July 6, passing expectations of a 4.5M drop.
According to the initial data, US commercial stocks are now down to 410.1 million barrels, the lowest since the week ending January 12 in a positive sign for demand in the world's largest energy consumer.
Now investors await official data from the EIA, expected to show a drawdown of 4.1 million barrels last week.
US production is expected to remain at 10.90 million bpd, already a record high.
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