Crude is trading at USD 89.66 per barrel down USD 0.40 after Tuesday's gain following the slump in equity markets and demand concerns. Markets were also impacted by lower OPEC production. Output was down by 1.3%. Investors are keenly awaiting for the crude inventories data today.
Sharon Epperson, CNBC Analyst, said, "We are seeing oil prices at around USD 90 per barrel settling slightly above that mark today but what the market has been following almost in last step with is the fact that the Dow has weakened and has taken oil off of its highs of the session."
Epperson said there was news of shut-ins in the Gulf of Mexico as a result of some damage to the pipelines. "Also, the Energy Information Administration (EIA) today came out with reports saying supply growth from the Organization of the Petroleum Exporting Countries (OPEC) countries will be negative this year, for the first time in three years." However, demand growth is also expected to be less than expected because of the deteriorating economic situation around the globe.
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