WASHINGTON (dpa-AFX) - Oil prices inched up slightly on Wednesday after closing lower in the previous session.
Benchmark Brent crude futures edged up 0.2 percent to $86.37 a barrel, while WTI crude futures were up 0.2 percent at $82.94.
Prices traded higher today as industry data showed a large draw in U.S. inventories.
According to the American Petroleum Institute, crude oil inventories in the U.S. declined by 9.16 million barrels for the week ending June 28 against market expectations of 0.15 million barrels dip.
Gasoline stocks rose by 2.47 million barrels during the week, while distillate stocks (including diesel and heating oil) decreased by about 740,000 barrels.
The Energy Information Administration will release its weekly inventory data later today.
Investors were also reacting to weak service sector activity data from China and a Reuters survey suggesting that the oil output by the Organization of the Petroleum Exporting Countries (OPEC) increased in June for a second consecutive month on the back of higher supplies from Nigeria and Iran.
A private survey showed services sector activity in China cooled to the weakest in eight months in June.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
