Crude prices choppy ahead of big supply data

Crude prices were choppy in early Asian trade Wednesday on expectation that U.S. crude inventories contracted last week. However, elevated stocks of fuel products amid slowing demand growth are keeping prices under pressure.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August CLQ6, -0.22%  traded at $44.78 a barrel, up $0.29 in the Globex electronic session. September Brent crude LCOU6, -0.04%   on London’s ICE Futures exchange rose $0.16 to $46.82 a barrel.

The global oversupply of crude oil, which sent prices plunging in 2014 and 2015, has been processed by refiners into a glut of gasoline and other fuels, analysts say.

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