Crude oil edges higher on supply concerns; API stocks rise

Investing.com -- Oil prices edged higher Wednesday, with elevated tensions in the Middle East providing support after U.S. inventories rose more than expected.Both crude contracts gained around 1% on Tuesday, after Israeli Foreign Minister Israel Katz warned of a possible"all out war" with Lebanon's Hezbollah, just as the country’s conflict with Hamas in Gaza appeared to be settling down.

Additionally, reports suggested a Ukrainian drone strike led to an oil terminal fire at a major Russian port, potentially impacting the supply of crude from this major supplier.This enhanced tension has overshadowed data showing an increase in domestic crude stocks just as many were expecting a pick up in demand in the summer driving season to result in falling inventories.fell by around 2.

Brent is then set to move to $80/bbl next year, UBS added, as OPEC+ starts to bring back production gradually from the second quarter.

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