WASHINGTON (Alliance News) - Crude oil prices are slightly higher Wednesday morning ahead of the latest official US weekly oil inventory data.
The US Energy Information Administration will release its weekly oil report at 10:30 am ET. A report released by the American Petroleum Institute late Tuesday evening showed US crude stockpiles to have declined by a lower than expected 555,000 barrels in the week ended July 18.
Meanwhile, according to reports, a fuel tanker was hit near Tripoli airport, Libya, as fighting between rival militia for control of the airport intensified.
Crude oil futures for September delivery are up USD0.20 or 0.19% at USD102.59 a barrel.
Crude oil futures for August expired at USD104.42 a barrel on Tuesday, losing USD0.17 or 0.2% for the session.
While worries about possible supply disruptions amid ongoing conflicts in Ukraine and the Middle East supported oil, news that Libya's Brega oil port will reopen dragged down prices.
Meanwhile, natural gas is up USD0.008 or 0.21% at USD3.780 per million btu.