Oil prices rise ahead of US inventories data

Oil prices edged higher on Wednesday ahead of official data on US stockpiles and OPEC+ meeting.

“The question the (OPEC+) group must answer this week is whether the rebound in demand is strong enough to sustain an increase in output,” Reuters reported, citing a note from ANZ analysts.

Meanwhile, the joint technical committee called “for cautious optimism,” citing the underlying uncertainties in the physical markets and macro sentiments.

International benchmark Brent crude was trading up 0.3% at $62.91 per barrel, at 9 am Makkah time.

West Texas Intermediate (WTI) crude rose 0.2% to $59.84 per barrel.

The American Petroleum Institute data showed a rise in US stockpiles by 7.4 million barrels in the week to Feb. 26, 2021.

The Energy Information Administration’s official report on US inventories is expected later today.