Oil prices rise ahead of US inventory data

Oil drilling rigs

Crude oil prices edged up today, Oct. 17, ahead of official figures on US inventory after initial estimates indicated a decline.

Brent crude was trading up 0.35% at $74.49 a barrel at 07:55 am Makkah time. WTI crude rose 0.4% to $70.67 a barrel.

The American Petroleum Institute estimates showed that US crude oil inventories fell by 1.58 million barrels during the week ended Oct. 11, with gasoline and distillate stocks declining.

The market is awaiting official data from the Energy Information Administration later today, with expectations that crude inventories will rise by 1.8 million barrels.

"Today, markets are waiting for one of two things: the meeting of the Standing Committee of the National People's Congress of China to clarify details about the monetary stimulus packages, and the second is Israel's response to the recent Iranian attack," said Tony Sycamore, Market Analyst at IG, according to Reuters .