Oil edges up in sub­dued trade be­fore US stocks data

The Pak Banker - - MARKETS/SPORTS -

Oil prices edged higher on Wed­nes­day in muted trad­ing as in­vestors awaited a clearer sig­nal from weekly U.S. crude in­ven­tory data on whether a glut was eas­ing in the world's largest oil-con­sum­ing na­tion. Global bench­mark Brent crude prices LCOc1 were up 20 cents at $46.86 a bar­rel at 0947 GMT.

On Tues­day, the con­tract set­tled down 30 cents, or 0.6 per­cent.

U.S. West Texas In­ter­me­di­ate (WTI) crude CLc1 was up 3 cents at $44.68 a bar­rel. It fell 59 cents, or 1.3 per­cent, in the pre­vi­ous ses­sion. The front-month Au­gust con­tract will ex­pire at the end of Wed­nes­day's ses­sion.

"It's a con­tin­u­a­tion of di­rec­tion­less trade. We need more clar­ity on where the oil mar­ket is head­ing," said Carsten Fritsch, com­modi­ties an­a­lyst at Com­merzbank. The U.S. gov­ern­ment's En­ergy In­for­ma­tion Ad­min­is­tra­tion (EIA) will is­sue stock­pile data at 1430 GMT on Wed­nes­day. <EIA/S>

If the EIA con­firms a draw­down, it will be the ninth straight week in which U.S. crude stock­piles have fallen.

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