Investing.com - West Texas Intermediate oil prices ticked higher in European trade on Wednesday, after falling for two straight sessions, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a slower pace than expected last week.
The U.S. Energy Information Administration will release its weekly report on oil supplies at 14:30GMT, or 10:30AM ET, amid expectations for a gain of 1.7 million barrels.
Gasoline stockpiles are expected to fall by 0.2 million barrels while stocks of distillates, which include heating oil and diesel, are expected to drop by 0.1 million barrels, according to analysts.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. oil inventories rose by 1.3 million barrels in the week ended April 29, disappointing traders who were expecting an increase of 0.5 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub for WTI rose by 382,000 barrels, the API said, while distillate inventories fell by 2.6 million barrels and gasoline inventories declined by 1.2 million barrels.
Crude oil for June delivery on the New York Mercantile Exchange tacked on 15 cents, or 0.34%, to trade at $43.80 a barrel by 08:00GMT, or 4:00AM ET. A day earlier, Nymex prices lost $1.13, or 2.52%, as worries about global growth resurfaced.
Nymex oil prices are up nearly 50% since falling to 13-year lows at $26.05 in February, as a decline in U.S. shale production boosted sentiment. However, analysts warned that market conditions remained weak due to an ongoing glut.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery eased up 4 cents, or 0.12%, to trade at $45.01 a barrel after falling 86 cents, or 1.88%, on Tuesday as indications of increased production from the Organization of the Petroleum Exporting Countries dampened sentiment.
Brent futures prices are up by roughly 45% since briefly dropping below $30 a barrel in mid-February, despite the collapse of talks at a Doha summit in April aimed at achieving a production freeze among OPEC and Non-OPEC producers. OPEC meets on June 2 in Vienna and may discuss the freeze initiative again.
Meanwhile, Brent's premium to the WTI crude contract stood at $1.21 a barrel, compared to a gap of $1.32 by close of trade on Tuesday.