Investing.com – Crude prices inched higher to near their strongest level in around three weeks on Wednesday, amid speculation weekly supply data due later in the session will show U.S. oil stocks fell for the fourth week in a row.
The U.S. Energy Information Administration will release its official at 10:30AM ET (1430GMT).
After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories in the week ended October 13 as refiners raised output.
However, the API report also showed a gain of 1.9 million barrels in gasoline stocks, while distillate stocks rose by 1.6 million barrels.
There are often sharp divergences between the API estimates and the official figures from EIA.
U.S. West Texas Intermediate (WTI) tacked on 21 cents, or around 0.4%, to $52.09 a barrel by 3:15AM ET (0715GMT), within sight of a three-week high reached at the start of the week.
Meanwhile, futures, the benchmark for oil prices outside the U.S., added 39 cents, or nearly 0.7%, to $58.27 a barrel. It rose to its best level since Sept. 28 at $58.47 on Monday.
Oil prices , pausing for breath after rallying to the highest level in around three weeks following reports that Iraqi forces took control of oil fields in Kirkuk.
The fighting follows a referendum in which the Kurds, who run their own semiautonomous region in northern Iraq, voted overwhelmingly in favor of independence last month, defying Baghdad, regional powers and the U.S.
Elsewhere on Nymex, rose 0.5 cents to $1.635 a gallon, added 0.6 cents to $1.816 a gallon, while slumped 3.9 cents to $2.923 per million British thermal units.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Source: Investing.com
