Oil turns lower ahead of weekly EIA oil inventories

<p>WTI crude oil is down 22 -cents to $76.07 after earlier trading as high as $77.88.</p><p>The sharp round of selling comes ahead of the latest weekly US storage data from the EIA. The consensus estimates are:</p><ul><li>Crude -933K</li><li>Gasoline +229K</li><li>Distillates -394K</li></ul><p>However there are whispers of a +7 million barrel build and I think that's weighing. OPEC+ worries also continue to mount, though there are reports that tomorrow's meeting will go ahead. That indicates that at least some consensus has been reached.</p><p>Late yesterday, the API reported:</p><ul><li>Crude -817K</li><li>Gasoline -898K</li><li>Distillates +2806K</li></ul><p>The numbers are out at the bottom of the hour.</p>

This article was written by Adam Button at www.forexlive.com.