Oil edges up ahead of US stockpiles data

Oil rose on Wednesday ahead of official data on US inventories, amid expectations of a decline in stockpiles. Investors are also following the updates on coronavirus pandemic and vaccine reports.

International benchmark Brent crude was trading up 0.3% at $57.65 per barrel, at 9.05 am Makkah time.

WTI crude also rose 0.3% to $54.91 a barrel.

Meanwhile, data from the American Petroleum Institute showed that US crude oil inventories fell by 4.3 million barrels in the week to Jan. 29, 2021.

The US Energy Information Administration is scheduled to release official inventory data later today.