Oil futures rose early Wednesday, finding support after industry data showed a large draw to U.S. crude inventories.
Price action Market drivers The American Petroleum Institute late Tuesday said U.S. crude inventories fell by 11.5 million barrels last week, according to market sources citing the data, while gasoline inventories rose 1.4 million barrels and distillates increased by 2.5 million barrels. The Energy Information Administration will release official inventory figures Wednesday morning. Analysts surveyed by S&P Global Commodity Insights, on average, expect crude inventories to show a decline of 5.2 million barrels, on strong refinery demand and exports. Gasoline inventories are expected to show a fall of 600,000 barrels to around 217 million barrels, analysts said, while distillate stocks were seen 1.4 million barrels lower at around 115.3 million barrels.
TotalEnergies TTE, +0.99% and Maurel & Prom MAU, -18.86% are among the western oil companies with operations in the country.