By Polya Lesova, MarketWatch FRANKFURT (MarketWatch) -- Oil futures edged above $80 a barrel early Wednesday, extending their gains from the previous session, as traders awaited data on U.S. petroleum inventories. Crude oil for April delivery gained 43 cents, or 0.5%, to $80.11 a barrel in electronic trading on Globex. The U.S. Energy Information Administration will release its report on inventories at 10:30 a.m. Eastern on Wednesday. Analysts polled by Platts expect a rise in crude inventories of 1.1 million barrels for the week ended Feb. 26. They also project that gasoline stockpiles rose 160,000 barrels, while distillates supplies fell 975,000 barrels. The refinery-utilization rate is expected to show a decline to 81.1%. The American Petroleum Institute reported late Tuesday that crude-oil inventories rose by 2.67 million barrels, more than expected. Gasoline stockpiles rose by 909,000 barrels, while distillate stocks fell 4.1 million barrels, the API said. Economic data due on Wednesday include the ADP employment report for February, due at 8:15 a.m. Eastern, and the ISM services index for February, due at 10 a.m. "We see little possibility for a sustained price level above $80 per barrel given the current uncertain economic outlook and weak fundamentals, with on- and offshore stocks remaining high as well as the absence of a strong pick-up in demand," said analysts at JBC Energy in Vienna. Oil prices ended up 1.2% on Tuesday, boosted by the dollar's decline against other major currencies.

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