Investing.com - Crude oil futures edged higher on Wednesday, as investors looked ahead to closely-watched weekly supply data on stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD93.71 a barrel during European morning trade, up 0.4% on the day.
New York-traded oil prices rose by as much as 0.7% earlier in the day to hit a session high of USD93.96 a barrel.
Oil traders looked ahead to data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles declined by 0.4 million barrels last week, while gasoline inventories were forecast to rise by 0.5 million barrels.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 7.79 million barrels last week, blowing past expectations for a drop of 0.2 million barrels.
Gasoline stocks declined 1.33 million barrels, compared to expectations for a 0.6 million barrel increase.
Market players also awaited data on U.S. private sector job growth by payroll processor ADP later Wednesday amid ongoing speculation over whether the Federal Reserve is moving closer to scaling back its USD85 billion-a-month asset purchase program.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery added 0.3% to trade at USD103.58 a barrel, with the spread between the Brent and crude contracts standing at USD9.87 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD93.71 a barrel during European morning trade, up 0.4% on the day.
New York-traded oil prices rose by as much as 0.7% earlier in the day to hit a session high of USD93.96 a barrel.
Oil traders looked ahead to data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles declined by 0.4 million barrels last week, while gasoline inventories were forecast to rise by 0.5 million barrels.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 7.79 million barrels last week, blowing past expectations for a drop of 0.2 million barrels.
Gasoline stocks declined 1.33 million barrels, compared to expectations for a 0.6 million barrel increase.
Market players also awaited data on U.S. private sector job growth by payroll processor ADP later Wednesday amid ongoing speculation over whether the Federal Reserve is moving closer to scaling back its USD85 billion-a-month asset purchase program.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery added 0.3% to trade at USD103.58 a barrel, with the spread between the Brent and crude contracts standing at USD9.87 a barrel.