Crude oil prices fell in Asia Wednesday after an industry group said U.S. crude stocks rose last week. The American Petroleum Institute reported that U.S. crude stocks rose by 2 million barrels, while distilaltes fell 2.6 million barrels and gasoline supplies gained 2.7 million barrels. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded at $97.22 a barrel, down 0.15%, after hitting an overnight session low of $96.87 a barrel and a high of $97.94 a barrel. Brent oil settled down 1.6% at $103.02 a barrel. Traders are waiting for weekly inventory data from the more closely followed Department of Energy survey with expectations for a drop of 2.029 million barrels in crude stocks, a 214,000 barrel gain in distillates and a 1.017 million barrel fall in gasoline. The U.S. report is due Wednesday at 10:30 a.m. EDT. Overnight, crude prices fell in the wake of a bearish report from the International Energy Agency as well as perceptions that Iraqi oil exports will flow as normal despite an insurgency taking place in the country. The International Energy Agency earlier cut its 2014 global oil demand growth forecast by 180,000 barrels per day to 1.0 million due to lower‐than‐expected deliveries in the second quarter and the International Monetary Fund’s weaker outlook for economic growth. As the economy improves in 2015, the agency said, demand is set to accelerate 1.3 million barrels per, though crude futures fell on concerns that the global economy is awash in crude. “Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin,” the IEA said in its monthly oil-market report. Waning fears of supply disruptions pressured prices lower as well. In Iraq, Haidar al-Abadi, the deputy speaker of parliament, was named as the country’s new prime minister on Monday in place of Nuri al-Maliki, who has refused to step down. Maliki said the decision was a “dangerous violation” of the constitution and vowed to “fix the mistake”. U.S. President Barack Obama said the naming of Abadi was an important step for Iraq towards rebuffing Islamic State militants. The U.S. recently began air strikes targeting militants from the Islamic State insurgent group in the northern part of the country in an effort to protect Iraqi civilians from the uprising as well as U.S. personnel in the country. Still, the country’s major oilfields remain far to the south of the fighting, and with U.S. airstrikes halting the advance, fears of supply disruption eroded further on Tuesday, which further dampened oil futures.