Oil rises ahead of US inventory data

Oil drilling rigs

Oil rose today, Feb. 22, as investors awaited official data on oil inventories in the United States after estimates from the American Petroleum Institute showed an increase in stockpiles over the past week, an indication of a slowdown in demand.

Brent crude was trading up 0.26% at $83.25 a barrel, at 09:05 am Makkah time. West Texas Intermediate (WTI) crude futures rose 0.31% to $78.15 per barrel.

The American Petroleum Institute said in a report issued on Feb. 21 that oil inventories in the US increased by about 7.17 million barrels during the week ended Feb. 16, with gasoline inventories rising by 415,000 barrels.

Today, investors are awaiting the release of official data on inventories from the Energy Information Administration, amid expectations that they will increase by four million barrels over the past week, after they rose by 12 million barrels in the previous reading.