Crude prices continued to fall on Wednesday weighed down by API stocks data that showed US stocks of the commodity has increased across categories last week, while the market is waiting for the EIA stockpiles data scheduled later in the day.
As per the American Petroleum Institute, crude oil stocks rose by 5.5 million barrels last week, while distillate inventories gained 1.7 million barrels and gasoline supplies increased by 1.1 million barrels.
The Energy Information Administration data due later in they is now more certain to show a similar trend, encouraging the crude bears.
Brent crude for spot delivery has fallen to $61.42/bbl Wednesday in Asia, from the previous close of $61.77/bbl and extending Tuesday's 2.7% decline. The commodity had peaked at $64.83 on 16 April, its highest since mid-December, before losing momentum.
The Nymex crude for 15 June delivery was down 1.5% on the day at $55.74, which is also a 1-week low.
The consensus for the EIA crude stocks for the week to 17 April is an increase of 2.375 million barrels, up from the 1.294 million barrels of increase in the previous week.
According to the Annual Energy Outlook for 2015, released on 14 April, the US will cease to be a net energy importer sometime between 2020 and 2030. The country has been a net importer of energy since the 1950s.
"This reflects changes in both supply and demand, as continued growth in oil and natural gas production and the use of renewables combine with demand-side efficiencies to moderate demand growth," EIA statement said.
The USD index was little changed at 98.00 in Asia on Wednesday but this weeak it has been staying off the 11-day low of 97.00 hit last week.