(MENAFN- AFP) Oil prices fell on Wednesday as traders banked recent profits ahead of key energy inventory data from the United States, the world's biggest oil consumer.
New York's main contract, West Texas Intermediate (WTI) for delivery in January edged down five cents to $98.46 a barrel.
Brent North Sea crude for January fell 51 cents to $108.87 a barrel in London afternoon deals
Desmond Chua, market analyst at CMC Markets in Singapore, said a report from the US Department of Energy is likely to show a "substantial drawdown in US stockpiles" amid firm demand.
Industry group American Petroleum Institute (API) said US crude stockpiles dipped 7.5 million barrels in the week to December 6. The US DoE will release official stockpile figures later Wednesday.
The International Energy Agency issued an upbeat outlook for the United States and Europe on Wednesday, saying economic recovery in the advanced economies is expected to lift global oil demand.
The IEA, which advises leading oil consuming countries on energy policy, said that it was raising its oil demand forecast for 2013 and 2014.
On Tuesday, the OPEC oil cartel stuck to its forecast that 2014 global oil demand would grow at a faster rate than in 2013 thanks to accelerating world economic growth.
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