05:04 AM EST, 02/12/2025 (MT Newswires) -- Crude oil prices retreated on expectations that U.S. crude oil inventories will record another increase, indicating weak demand.

Brent crude lost 0.9% to US$76.29/barrel and West Texas Intermediate crude fell 1.1% to US$72.51/b at last look early Wednesday.

Crude stocks in the U.S. were estimated to have risen by 9.4 million barrels in the week ended Feb. 7, Reuters reported Wednesday, citing sources that used American Petroleum Institute data.

However, the API data reportedly showed a decrease in gasoline stocks of 2.51 million barrels and a drop in distillate stocks of 590,000 barrels, the sources told Reuters.

The U.S. Energy Information Administration is due to release its inventory data on Wednesday.

U.S. consumer price index data will be released later on Wednesday, with expectations of a slight slowdown in January's core inflation print to an annual 3.1%, Reuters reported. The headline number is anticipated to hold steady at 2.9%.

A stable outlook for CPI will result in a stable outlook for interest rates and oil demand estimates being held steady.

"This week's moves on the WTI crude so far seem to be profit-taking activities from bearish short-term speculators as they await today's U.S. CPI print," Reuters quoted OANDA senior market analyst Kelvin Wong as saying.