2018.07.1107:54:00UTC+00Crude Oil Slips Ahead Of EIA Inventories

Crude oil futures were lower Wednesday morning after the API's weekly report showed U.S. crude oil stocks fell 6.8 million barrels.

Also yesterday, the EIA's report shows a higher oil demand in the U.S. in 2019. The agenecy says demand will help oil prices to average $67 in the second half of the year and $62 in 2019.

The EIA is out with its oil inventories report at 10:30 am ET.

Meanwhile, a report said Iran's oil exports will likely drop by 500,000 bpd amid U.S. sanctions in August.

WTI light sweet oil was down 50 cents at $73.61 a barrel.