Investing.com - Crude oil futures edged higher on Wednesday, but gains were expected to remain limited as ample supplies and weak economic data from the euro zone overshadowed geopolitical tensions in the Middle East.
On the New York Mercantile Exchange, crude oil for delivery in November traded at $91.66 a barrel during European morning trade, up 0.10%.
Prices gained 0.76% on Tuesday to settle at $91.56.
Futures were likely to find support at $90.58 a barrel, Tuesday's low and resistance at $93.60, the high from September 18.
Oil prices remained under pressure after the U.S. Energy Information Administration said that total U.S. crude oil inventories stood at 362.3 million barrels as of last week, the highest level for this time of year since 2012.
In addition, Iraq and Nigeria were said to be stepping up exports, adding more oil to the market, while output at Libya has rebounded.
Concerns over the outlook for growth in the euro zone also weighed, after data on Tuesday showed that the bloc's composite output index, which measures the combined output of both the manufacturing and service sectors slumped to a nine month low of 52.3 from 52.5 in August.
The bloc’s services PMI slid to a three month low of 52.8 from 53.1 last month, while the manufacturing index ticked down to a 14-month low of 50.5 from 50.7.
Earlier Wednesday, data showed that Germany's Ifo business confidence index deteriorated for the fifth successive month in September.
The Ifo economic institute's business climate index fell to 104.7 from 106.3 in August. Economists had expected a decline to 105.7.
The news overshadowed concerns over geopolitical risks in the wake of U.S. airstrikes in Syria.
The U.S. announced on Monday that with five Arab partner nations it had launched airstrikes against ISIS targets in Syria for the first time.
Elsewhere, on the ICE Futures Exchange, Brent oil for November slipped 0.14% to trade at $96.71 a barrel, with the spread between the Brent and crude contracts standing at $5.05 a barrel.