SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas.
Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week.
The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices.
But any real oil output increase by Venezuela will take time because of a lack of investment.
Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the government's Energy Information Administration (EIA) on Wednesday.
Persons:
Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis
Organizations:
Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson
Locations:
Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore