Oil loses ground before energy report

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London - Global oil prices eased on Wednesday as traders fretted over a weak demand outlook as they looked ahead to the weekly snapshot of energy inventories in top crude consumer the United States.

Brent North Sea crude for delivery in September shed five cents to $113.99 in early afternoon deals in London.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for September, dropped 27 cents to $93.16 a barrel.

At 1430 GMT Wednesday, the US government's Energy Information Administration (EIA) publishes data on American crude inventories for the week ending August 10.

“Crude oil prices slid slightly lower on Wednesday, ahead of the release of the weekly EIA oil inventories report that could clarify the levels of the US oil demand,” said Myrto Sokou, an analyst at Sucden brokers.

Oil futures had risen on Tuesday, helped by US data showing a surge in consumer spending in July and eurozone growth data that came in line with expectations, traders said.

Concerns about supply shortfalls arising from forthcoming maintenance in the North Sea also lent support, as did worries that violence in Syria could impact the oil-producing Middle East region. - Sapa-AFP


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