Oil slips from 4-week high ahead of US stocks data - Economic Times

LONDON: Oil dipped below $114 on Wednesday ahead of official US weekly data that is expected to show an increase in crude stocks, putting the brakes on six days of gains that led to a 4-week high on hopes of further US stimulus measures.

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By 1035 GMT, Brent crude was down 27 cents to $113.75 a barrel, after settling at a four-week high on Tuesday. US crude was leading the fall across crude and key oil product futures, falling $1.02, or 1.14 per cent, to $87.88. Tuesday's slump in US consumer confidence to its lowest in two years, along with Federal Reserve minutes showing policymakers discussed a range of unusual tools they could use to help the economy, further bolstered expectations that the US central bank is ready to act.

Oil slips from 4-week high ahead of US stocks data - Economic Times