RDG: Oil remains deadlocked ahead of US inventory report
A Bloomberg survey sees inventories rising by 3 million barrels, which would bring the total to another record of close to 522 million barrels. The market will also focus on export and import data following the latest surge in export and reduction in imports.
Initial weakness on Tuesday was driven by gasoline following reports â€“ later denied â€“ that the White House was consider a proposal to change biofuel blending rules. The denial let to swift recovery which also help bring oil back to unchanged on the day.