Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC.
Brent crude futures rose 11 cents, or 0.1%, to $82.04 a barrel at 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to settle at $78.10.
Prices had eased more than 2% last week after OPEC and its allies said they would phase out output cuts starting October.
“Despite announcing last week that it will start to phase out some of the voluntary cuts later this year, its forecasts suggest it should be easily accepted by the market,” ANZ analysts said in a note clients, adding that demand for oil is likely to be driven by China and other emerging economies.
U.S. crude oil stocks fell by 2.428 million barrels in the week ended June 7, according to market sources citing American Petroleum Institute figures. Inventories were expected to have fallen by slightly over one million barrels last week, a preliminary Reuters poll showed.
Data from the EIA, the U.S. government’s statistics arm, is expected later on Wednesday.
Chinese producer and consumer price inflation figures are also set to be released during the day.
