Oil prices edge up ahead of US inventories data

Oil ticked higher on Wednesday, after falling for two straight sessions, with investors looking ahead to US inventories data due later in the day for pointers on where prices will head next.

Brent crude for May rose 15 cents, or 0.2%, to $67.67 a barrel by 0144 GMT, while US West Texas Intermediate crude for April was at $64.24 a barrel, up 23 cents, or 0.4%.

Prices gained support last week from the OPEC+ decision to largely maintain production cuts in April. They then initially jumped on Monday, with Brent rising above $70 a barrel, after attacks by Yemeni Houthis on Saudi’s oil heartland.

Investors took advantage of that rally to lock in profits, ANZ analysts said in a note, adding that market sentiment was slightly bearish on expectations that US crude inventories could rise for a third straight week.