WASHINGTON (dpa-AFX) - Oil edged up slightly on Wednesday after ending sharply lower in the previous session on concerns about a global oil glut.
Benchmark Brent crude futures were up 0.3 percent at $64.64 a barrel in European trading, while WTI crude futures rose 0.3 percent to $60.73.
Investors ignored industry data showing a notable increase in U.S. crude inventories.
The American Petroleum Institute (API) report indicated the biggest increase in U.S. inventories in more than three months for the week ended October 31, prompting investors to reassess supply prospects on the world market.
The API report showed that U.S. stockpiles rose by 6.5 million barrels last week, contrasting with a previous fall of 4 million barrels and resulting in a year-to-date net gain of 3.6 million barrels in U.S. crude inventories.
Analysts had anticipated a build of 2.4 million barrels for the week. Investors now await the official Energy Information Administration report to confirm a potential oversupply in the market and assess the broader impact on the oil market landscape.
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