LONDON, Jan 9: Oil prices weakened on Wednesday before a US oil stockpiles report and amid lingering concerns over the American economy despite better-than-expected earnings from aluminium giant Alcoa, analysts said.

Brent North Sea crude for delivery in February declined by 15 cents to $111.79 a barrel in London midday trade. New York’s main contract, light sweet crude for February or West Texas Intermediate (WTI), reversed 15 cents to $93 a barrel.

The US government’s Energy Information Administration (EIA) was on Wednesday to publish its weekly snapshot of crude inventories in top consumer the US for the week ending January 4.

“Crude oil prices are on a consolidation mode on Wednesday ahead of the release of the weekly EIA oil inventories data, following mixed signs across the equity markets and a flat dollar that fail to provide some direction,” said Sucden brokers analyst Myrto Sokou.—AFP