Crude Oil futures traded marginally lower on Wednesday at $39.44, down 0.07 or -0.18%. International Brent Crude futures were trading at $41.85 per barrel, up 5 cents. Prices were capped by worries over the ongoing fuel oversupply and sputtering economic growth while being underpinned by a slightly weaker U.S. Dollar.

 U.S. WTI Crude closed below $40.00 for the first time since April during the previous session, but the damage to the charts could’ve been worse if not for the weaker dollar which has fallen about 2.5 % against a basket of currencies in a little over a week.

U.S. Crude Oil was supported earlier on Wednesday following late Tuesday’s release of oil inventory data from the American Petroleum Institute. The API data showed a 1.3 million draw the week-ending July 29, in line with consensus forecasts. However, the reduction was larger than the one reported the previous week.Get Live Indian Stock & Share Market News Updates Visit Us www.ripplesadvisoryx.com/freetrial.php or Get Free Trials Just Give One Missed Call @98-27-80-80-90.

 Crude oil for September delivery on the New York Mercantile Exchange fell to a session low of $39.38 a barrel. It was last at $39.53 by 07:54GMT, or 3:54AM ET, up 2 cents, or 0.05%.

The price of OPEC's basket of 14 crudes dipped to $38.29 a barrel on Tuesday, compared to $39.10 on Monday, according to the OPEC Secretariat.