Whatsapp Support 24*7 @ 8006202323
Oil prices edged higher on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise.
The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended June 15 at 10:30AM ET (1430GMT), amid forecasts for an oil-stock drop of 2.1 million barrels.
Analysts also forecast a gain of 188,000 barrels for gasoline stockpiles, while distillate inventories are expected to fall by 164,000 barrels.
The data will also offer fresh indications on how fast domestic output levels continue to rise. U.S. crude production – driven by shale extraction – is currently at an all-time high of 10.9 million barrels per day (bpd).
After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by 3.0 million barrels last week.
The API data also showed a rise of nearly 2.1 million barrels in gasoline stockpiles, while inventories of distillates climbed by 750,000 barrels.
For More Information Visit Us @ www.spidersignals.com
Or
Call/whatsapp 24*7 @ 7249939390