Investing.com - Crude prices ticked higher in Asia Wednesday ahead of the release of American Petroleum Institute's weekly crude stockpile report.
The report was delayed for a day because of a U.S. public holiday on Monday.
On the New York Mercantile Exchange, WTI crude for November delivery rose 0.13% to $46.72 a barrel.
Separately, on Thursday, a government report could show that U.S. crude inventories increased by 2.8 million barrels for the week ending on Oct. 9. Previously, U.S. crude stockpiles rose by 3.1 million stockpiles for the week ending on Oct. 2, above expectations for a 2.2 million build.
Overnight, crude futures closed moderately higher on Tuesday, following a volatile, see-saw day of trading after the International Energy Agency issued a bleak outlook for the next year with forecasts of minimal reductions from record-levels of global oversupply.
On the Intercontinental Exchange (ICE), brent crude for December delivery wavered between $49.88 and $51.13 a barrel, before closing at $49.80, down 0.45 or 0.90% on the day. After eclipsing the $54 a barrel level toward the end of last week, Brent futures also tumbled more than 5% in Monday's session.
On Tuesday, the Paris-based International Energy Agency said it expects non-OPEC supply to fall by 500,000 barrels per day in 2016, the sharpest decline in two decades. The organization anticipates that non-OPEC will fall to 57.7 million bpd, amid lower output in the U.S., Russia and the North Sea. Still, the IEA expects the lower production to be partially offset by a 1.6 million bpd by OPEC in 2016 to 31.3 million bpd.
At the same time, the IEA expects global demand to increase by 1.21 million barrels per day in 2016, down 150,000 bpd from its forecasts last month. The IEA anticipates demand will increase next year thanks to lower oil prices and a strengthening macroeconomic backdrop.