Oil prices edge ahead before US energy inventory data

28th September 2011, Comments 0 comments

Oil prices nudged higher Wednesday as traders sat tight awaiting publication of energy inventory data in the United States set to highlight weak demand in the world's biggest economy and oil consumer.

New York's main contract, West Texas Intermediate (WTI) for delivery in November, rose seven cents to $84.52 a barrel.

Brent North Sea crude for November climbed four cents to $107.18.

Prices had surged by more than four dollars in New York on Tuesday, mirroring huge gains on world equity markets, as investors hoped that European governments would contain the eurozone debt crisis, in turn helping support demand for oil.

The oil market was looking ahead to data due from the US Department of Energy at 1430 GMT. Analysts polled by Dow Jones Newswires expect the DoE to announce that energy stockpiles rose sharply last week due to weak demand.

© 2011 AFP

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