Oil Prices Dip on Crude Stockpiles

Petroleum prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, while OPEC lowered its oil supply growth forecast for producers outside the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+.Brent crude futures fell 23 cents, or 0.35%, to $66.40 U.S. a barrel mid-morning Wednesday, while U.S. West Texas Intermediate crude slipped 19 cents, or 0.3%, to $63.48.OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year. Supply from countries outside OPEC+ will rise by about 800,000 barrels per day in 2025, down from last month’s forecast of 900,000 bpd, OPEC said on Wednesday.Crude stocks were up by 4.3 million barrels in the week ended May 9, market sources said, citing American Petroleum Institute figures, while gasoline inventories fell by 1.4 million barrels and distillate stocks dropped by 3.7 million barrels.The fall in gasoline inventories comes as countries get ready to enter the Northern Hemisphere summer driving season.Official weekly inventory data from the U.S. Energy Information Administration was due later Wednesday morning. U.S. crude oil and gasoline stocks likely fell last week, distillate inventories likely rose and gasoline stocks potentially decreased, an extended Reuters poll found ahead of the data.