Oil edged up on smaller increase in crude stockpiles that came lower than projected
Oil ticked up for the third consecutive day on Wednesday following the release of industry figures that demonstrated that the inventories expanded lower tha projections and a reduction in the estimate of output growth in the United States, the largest producer in the world, allayed worries about possible surge in supply.
Brent crude added 10 cents to $78.69 per barrel, while US WTI advanced by 13 cents to $73.44 per barrel.
U.S. crude stocks ticked up by 670,000 per barrel for the week ending on the 2nd of February, that came lower than projections for 1.9 million per barrel according to poll conducted by Reuters.
Focus is now squared on the oil inventories figures scheduled to release later during the day.
On Tuesday, EIA lowered its projection for the output of domestic oil by 120,000 barrels bpd to 170,000 bpd.
The EIA also predicted that the U.S. production will not surpass the December 2023 record that exceed 13.3 million bpd till Feb next year. These expectations also buoyed the oil prices.
