Oil prices settled mixed on Wednesday as investors digested U.S. stockpiles data amid lingering concerns over crude demand.
The West Texas Intermediate for September delivery rose 4 cents to settle at 42.93 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery dipped 9 cents to close at 45.37 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 1.6 million barrels during the week ending Aug. 14, the U.S. Energy Information Administration (EIA) reported on Wednesday. Analysts surveyed by S&P Global Platts expected the EIA data to show U.S. crude supplies fell 3.8 million barrels last week.
“Another attempt by oil prices to regain their respective five-month highs has failed,” as the uncertainty surrounding demand was weighing on sentiment, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Wednesday.
Last week, the International Energy Agency and the Organization of the Petroleum Exporting Countries both lowered their forecasts for crude demand in 2020.