Oil inches higher ahead of US inventories data, supported by tight supplies
Oil prices edged up on Wednesday ahead of data on U.S. oil inventories, with crude futures supported by tight supplies and recovering fuel demand as China’s top cities relax COVID-19 curbs.
Brent crude futures for August rose 22 cents, or 0.2%, to $120.79 a barrel by 0012 GMT after closing at the highest since May 31 on Tuesday.
U.S. West Texas Intermediate crude for July was at $119.65 a barrel, up 24 cents, or 0.2%, after reaching its highest settlement since March 8 on Tuesday.
Analysts polled by Reuters expect another drawdown of U.S. crude inventories in data for last week although gasoline and distillates stocks could edge higher.
