2019.10.0206:44:00UTC+00Oil Prices Mixed Ahead Of EIA Data

Oil prices traded mixed on Wednesday, with Brent crude prices extending declines on concerns surrounding slowing global oil and fuel demands, while U.S. crude prices rebounded to snap a six-day losing run.

Benchmark Brent crude dropped 0.3 percent to $58.73 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up 0.2 percent at $53.72 a barrel.

Underlying sentiment remained supported somewhat after industry data showed a surprise drop in inventories.

The American Petroleum Institute (API) report showed U.S. crude stocks fell last week by 5.9 million barrels, contrary to expectations for an increase of 1.6 million barrels.

Gasoline stockpiles increased by 2.1 million barrels for the week ended Sept. 27, while distillate inventories fell by 1.7 million barrels.

The Energy Information Administration's weekly oil inventories report is due later in the day.

Iran's Oil Minister Bijan Zanganeh tried to defuse tensions with Saudi Arabia today, calling his counterpart in Riyadh 'a friend' and saying Tehran was not taking any steps to increase tensions in the Gulf Region.

Russian Energy Minister Alexander Novak said that Russia is committed to fully complying with the global oil output deal between OPEC and its allies in October.