Oil futures fell on Wednesday, pulling back after eight straight sessions of gains after U.S. crude inventory data suggested the market was still heavily supplied. Traders focused on preliminary U.S. production estimates in the weekly EIA report that suggested domestic output is still climbing. The report also showed stockpiles at the U.S. crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week.

Outlook

We expect crude oil prices to trade sideways on the back of profit booking after sharp up-move.

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