Oil prices edged up Wednesday as investors awaited the release of U.S. inventory figures.
Oil prices movements seemed muted on Wednesday, as market participants looked ahead to the coming oil inventory data from the country.
U.S. crude inventories were estimated to have fallen 3.6 million barrels in the week ended Jan. 12, according to a preliminary Reuters poll.
Meanwhile, media reported Bank of America Merrill Lynch and Morgan Stanley both upped their forecasts for crude prices earlier this week, while Goldman Sachs said the risks of prices overshooting its current targets are mounting.
The West Texas Intermediate for January delivery increased 0.24 U.S. dollar to settle at 63.97 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery rose 0.23 dollar to close at 69.38 dollars a barrel on the London ICE Futures Exchange.
Oil prices movements seemed muted on Wednesday, as market participants looked ahead to the coming oil inventory data from the country.
U.S. crude inventories were estimated to have fallen 3.6 million barrels in the week ended Jan. 12, according to a preliminary Reuters poll.
Meanwhile, media reported Bank of America Merrill Lynch and Morgan Stanley both upped their forecasts for crude prices earlier this week, while Goldman Sachs said the risks of prices overshooting its current targets are mounting.
The West Texas Intermediate for January delivery increased 0.24 U.S. dollar to settle at 63.97 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery rose 0.23 dollar to close at 69.38 dollars a barrel on the London ICE Futures Exchange.
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