•IPE Brent futures fell in early trading on Wednesday, with the market looking for new direction ahead of today's report from the US Department of Energy (DoE). At 0930GMT, the front-month October futures contract was trading 39cts down from Tuesday's settlement at $64.69/bbl, with trading volumes quiet.

•The DoE are expected to announce a third consecutive weekly build of 1.5-mil bbl in US crude oil stocks.

 
  •"Whilst the Iranian threat to cut oil exports [due to ongoing western pressure over its nuclear programme] is not affecting the market, more noises along those lines should drive prices up, especially ahead of the peak in the US Gulf hurricane season," one IPE player said.

•"A price collapse is unsustainable as too many concerns are in the mix," one trader said citing refinery outages and political instability as concerns on traders minds.

 
  •Analysts are expecting an eighth consecutive draw of 1.45-mil bbl in gasoline stocks. "Although we are coming to the end of the US driving season, any draw on gasoline will force the entire market up," one trader said.

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