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Crude oil prices drifted lower Wednesday morning, despite lingering concerns about supply following sanctions against Iran and a drop in U.S. crude inventories last week.
Crude oil futures for September delivery are down $0.39, or 0.56%, at 68.78 a barrel on the New York Mercantile Exchange.
On Tuesday, crude oil futures ended up $0.16, or 0.2% at $69.17 a barrel.
According to a report released by the American Petroleum Institute on Tuesday, U.S. crude inventories dropped by 6.02 million barrels last week, much more than a 3 million barrels fall predicted by a survey by Bloomberg.
The report also showed that oil stock at Cushing dropped by 576,000 barrels in the week.
Traders now look ahead to the official data from Energy Information Administration, due later in the day.
