(MENAFN- ProactiveInvestors)Oil prices were on the back foot on Wednesday even though US inventory stats this afternoon revealed a near 2mln barrel drop in crude stockpiles. The figures from the American Petroleum Institute were slightly better than analyst expectations. In London trading Brent crude was down 2% at US$64.20 while West Texas Intermediary futures slipped 1.5% to US$60.30; though both had been lower still earlier in the session. More closely followed data tomorrow from the US Energy Department will provide further a further snapshot of the American oil market. Most attention is however on Friday's OPEC meeting. Production has been close to record highs of late as OPEC continue to pursue market share rather than opting for a scale-down to support prices. And whilst few are expecting much in the way of relief from this week's meeting today at least there was anticipation that any temptation to actually raise output would be resisted.
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