Investing.com - Oil prices edged up in U.S. trading on Wednesday after positive economic indicators offset news that the U.S. Department of Energy cut its 2013 demand outlook.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD97.53 a barrel on Wednesday, up 0.02%, off from a session high of USD98.09 and up from an earlier session low of USD97.12.
The U.S. Energy Information Administration, the analytical unit of the Energy Department, cut its outlook for demand by 90,000 barrels a day for 2013, which sent prices falling.
The organization added in its weekly report that U.S. crude oil inventories rose by 560,000 barrels in the week ended Feb. 8, well below market calls for a gain of 2.35 million barrels.
Total U.S. crude oil inventories stood at 372.2 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 803,000 barrels compared to expectations for a gain of 267,000 barrels.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, oil continued to see gains amid ongoing tensions between Iran and the West.
Israel said on earlier this week that Iran has been installing centrifuges to enrich uranium to weapons-grade levels.
In the past, Iran has threatened to close the Strait of Hormuz to protest sanctions slapped on the country by the U.S. and Europe for its nuclear ambitions.
The Strait of Hormuz is a narrow waterway connecting oil-rich Persian Gulf countries with the rest of the world.
Solid data pushed oil prices back into positive territory.
In the eurozone, industrial production rose 0.7% in December, beating expectations for a 0.2% increase and well above November's 0.7% contraction.
Industrial production in Germany, Europe's largest economy, rose 0.8% in December after falling for the four previous consecutive months, which boosted spirits as well.
Meanwhile in the U.S., retail sales rose 0.1% in January, in line with expectations though off from a 0.5% gain in December, according to the Commerce Department.
Payroll tax increases took effect, which likely lowered demand for goods.
Nevertheless, core retail sales, which exclude automobile sales, increased by 0.2%, beating expectations for a 0.1% gain.
Also in the U.S., wholesale business inventories rose by 0.1% in December, missing expectations for a 0.3% increase, according to the U.S. Census Bureau.
Business inventories in November were revised to a 0.2% gain from a previously reported advance of 0.3%.
Elsewhere on the ICE Futures Exchange, Brent oil futures for April delivery were up 0.19% at USD117.97 a barrel, up USD20.44 from its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD97.53 a barrel on Wednesday, up 0.02%, off from a session high of USD98.09 and up from an earlier session low of USD97.12.
The U.S. Energy Information Administration, the analytical unit of the Energy Department, cut its outlook for demand by 90,000 barrels a day for 2013, which sent prices falling.
The organization added in its weekly report that U.S. crude oil inventories rose by 560,000 barrels in the week ended Feb. 8, well below market calls for a gain of 2.35 million barrels.
Total U.S. crude oil inventories stood at 372.2 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 803,000 barrels compared to expectations for a gain of 267,000 barrels.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Elsewhere, oil continued to see gains amid ongoing tensions between Iran and the West.
Israel said on earlier this week that Iran has been installing centrifuges to enrich uranium to weapons-grade levels.
In the past, Iran has threatened to close the Strait of Hormuz to protest sanctions slapped on the country by the U.S. and Europe for its nuclear ambitions.
The Strait of Hormuz is a narrow waterway connecting oil-rich Persian Gulf countries with the rest of the world.
Solid data pushed oil prices back into positive territory.
In the eurozone, industrial production rose 0.7% in December, beating expectations for a 0.2% increase and well above November's 0.7% contraction.
Industrial production in Germany, Europe's largest economy, rose 0.8% in December after falling for the four previous consecutive months, which boosted spirits as well.
Meanwhile in the U.S., retail sales rose 0.1% in January, in line with expectations though off from a 0.5% gain in December, according to the Commerce Department.
Payroll tax increases took effect, which likely lowered demand for goods.
Nevertheless, core retail sales, which exclude automobile sales, increased by 0.2%, beating expectations for a 0.1% gain.
Also in the U.S., wholesale business inventories rose by 0.1% in December, missing expectations for a 0.3% increase, according to the U.S. Census Bureau.
Business inventories in November were revised to a 0.2% gain from a previously reported advance of 0.3%.
Elsewhere on the ICE Futures Exchange, Brent oil futures for April delivery were up 0.19% at USD117.97 a barrel, up USD20.44 from its U.S. counterpart.