Oil turns lower ahead of weekly EIA oil inventories | Forexlive

WTI crude oil is down 22 -cents to $76.07 after earlier trading as high as $77.88.

The sharp round of selling comes ahead of the latest weekly US storage data from the EIA. The consensus estimates are:

Crude -933K
Gasoline +229K
Distillates -394K

However there are whispers of a +7 million barrel build and I think that’s weighing. OPEC+ worries also continue to mount, though there are reports that tomorrow’s meeting will go ahead. That indicates that at least some consensus has been reached.

Late yesterday, the API reported: