Analysts expected a further decline in US oil inventories, although gasoline and distillate stocks may rise, according to a Reuters poll. "The oil market is expected to remain tight, as the supply side will continue to tell the story of low inventories," said analyst Edward Moya.
He added that crude oil inventories are likely to record more clouds, with the intensification of the driving and holiday season in the United States. However, figures released by the American Petroleum Institute showed a rise in inventories of crude oil and petroleum products in the United States, last week.
The US Energy Information Administration will announce inventory levels last week, at 02:30 PM GMT today, Wednesday.