Oil price gains stymied by upward revision to U.S. crude outlook

Crude prices were near flat in Asia Wednesday morning, as traders and investors are discouraged by the upward revision in U.S. crude production outlook.

Also weighing on sentiment are concerns that the upcoming meeting among major oil producers may not yield any action to reduce the global glut.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.35%  traded at $42.74 a barrel, down $0.05 in the Globex electronic session. October Brent crude LCOV6, -0.27%  on London’s ICE Futures exchange was flat at $44.98 a barrel.

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