Investing.com - Crude oil prices in Asia nudged higher on Wednesday on a rebound from declines amid market expectations for Libyan ports to resume shipments and increase global supply.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in May traded at $103.80 a barrel, up 0.04%, after hitting an overnight session low of $102.95 a barrel and a high of $104.04 a barrel.
Brent oil for May delivery on the ICE futures exchange fell 33 cents, or 0.3%, to $108.74 a barrel on Tuesday. The May contract expired at settlement. Brent crude for June delivery rose 29 cents, or 0.3%, to $109.36 a barrel.
The American Petroleum Institute, an industry group, said late Tuesday that its own data showed a 7.6 million barrel increase in crude oil stocks last week, industry sources said. The group also said that gasoline stocks fell by 500,000 barrels and distillate stocks dropped by 1.1 million barrels, according to the sources.
Crude stocks data from the U.S. Department of Energy is due for release Wednesday and expected to show an inventory increase of 2.25 million barrels.
Oil prices slid on reports that despite recent delays, crude shipments will resume from key Libyan ports.
Earlier this month Libyan government officials and rebels reached an agreement to re-open Zueitina and Hariga ports, but the country’s two largest ports of Ras Lanuf and Es-Sider remain closed.
News that that the Hariga terminal is in the process of resuming operations softened demand for crude.
Separately, reports that Ukraine has launched special military operations in eastern Ukraine against separatists supported prices, as escalating tensions could disrupt Russian oil operations.