Crude and refined product futures fell across the board Wednesday as a solid increase in U.S. crude inventories outweighed initial optimism over expectations that OPEC and its allies would extend production cuts.

At 12:10 p.m. EST, April NYMEX West Texas Intermediate crude futures fell 15cts to $78.75/bbl, and May WTI was lower by 20cts to $78.05/bbl. London-based ICE Brent for April delivery slipped 5cts to $83.60/bbl and May Brent was down by 30cts to $82.35/bbl.

Product futures underperformed oil. Most-active April NYMEX ULSD dropped 5.25cts to $2.6455/bbl and the front-month March ULSD contract slid 5.90cts to $2.687/bbl. April RBOB was lower by 2.85cts to $2.566/bbl and March RBOB was down 3.9cts to $2.3050/gal.

The petroleum futures complex turned lower after the latest Energy Information Administration data showed U.S. commercial crude stocks jumped 4.2 million bbl for the week ended Friday, stirring oversupply concerns. That more than offset drawdowns in gasoline and distillate inventories.

The Organization of the Petroleum Exporting Countries and allies led by Russia, also known as OPEC+, will consider extending voluntary oil output cuts into the second quarter, according to Reuters, citing three unnamed OPEC+ sources.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

-- Reporting by Frank Tang,; Editing by Michael Kelly,

(END) Dow Jones Newswires

02-28-24 1300ET